A Glenmede strategist said investors are looking for another relatively mild U.S. inflation report for July, with headline CPI expected to rise 3.4% from a year earlier and core price pressures remaining manageable. Higher oil prices in July, as U.S.-Iran tensions intensified, could put pressure on the energy component again. Still, the market reaction has been calmer this time because proactive measures and releases from strategic reserves helped keep oil supply stable. With two inflation reports due before its next meeting, the Federal Reserve has more time to assess whether energy-driven price pressure remains contained or begins to broaden, a distinction that could shape the policy path ahead.