Strong jobs report has shifted the focus firmly onto today’s CPI print. August nonfarm payrolls came in at 162K — well above expectations — while the unemployment rate held steady at 4.1%. The labor market still looks resilient, giving Fed officials more room to keep inflation as their primary concern. Thursday’s hot PPI (5.4% annually, largely driven by energy) already pushed rate-hike odds above 70%. Today’s core CPI is the final major data point before next week’s meeting: A 0.2% reading keeps a hold in play. Anything at 0.3% or higher makes a 25 bp hike to 3.75%–4.00% look increasingly likely. Market reaction is straightforward: A hike would likely pressure stocks and gold in the near term. A hold could spark a relief bounce in both. All eyes on the number. #CPIWatch