Whether you realize it or not, it's a big day for Wall Street and investors. At 8:30 a.m. ET, the U.S. Bureau of Labor Statistics (BLS) will release the July 2023 inflation report.

Most consumers probably don't need an inflation report from the BLS to tell them that the price of the goods and services they regularly buy has increased over the past year. Nevertheless, this all-encompassing monthly released inflation report often serves as the foundation that guides the Federal Open Market Committee (FOMC) in their monetary policy decision-making.

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Source Fool.com