Welcome to See King Alpha's Wall Street breakfast, where we cover the top news for investors every morning.

Good morning. Today is Wednesday, July 12th, and I'm your host Julie Morgan.

The June Consumer Price Index is expected to show

inflation cooling. The EU is expanding its probe into the suicide risk linked to

weight loss drugs and the FTC is reportedly leaning towards a quick appeal of its

Microsoft Activision loss.

Here's what's making headlines today.

CPI.

In May, CPI was at 4% year over year in core

CPI at 5.3% still far from the Federal Reserve's target of 2%. That means

that federal officials are still signaling further rate hikes in an effort to cool the economy and with it the trajectory of prices.

At 8.30 this morning, the U.S. Labor Department will release its June

CPI report. Economists expect the headline number to rise 3.1% year

over year in June, down from 4% in May, and core

CPI to increase 5%, easing from 5.3% in the prior month.

On a month over month basis, CPI is expected to rise 0.3% versus 0.1% in May and core

CPI is expected to rise 0.3% versus 0.4 percent in the prior month.

According to the CME Fed Watch Tool, traders expect the Fed to raise its policy rate by 25

bases points to 5.1 quarter to 5.5%, assigning a 92.4% probability to that outcome, up from an 86.8%

probability a week ago.

Essay analyst Christopher Rob sees a real possibility that

C. P. I could fall more than consensus. He points to the fact that used car prices

...