Recent July core PCE held steady at 3.3% year-over-year and rose 0.2% month-over-month in line with consensus, driven by 0.3% services gains offsetting softer goods prices amid elevated but stable readings 65 months above the Fed’s 2% target. Cleveland Fed nowcasts place August at 3.4%, while high-frequency indicators and consumer spending data point to persistent underlying pressures without clear acceleration or deceleration. With the August release due September 30 and no dominant signal from labor markets or Treasury yields, trader capital remains dispersed across the 3.1–3.4% buckets, reflecting uncertainty over whether services inflation or goods deflation will tip the print.