The Fed's main inflation measure will be released Wednesday. Here's what to expect

If anyone at the Federal Reserve is looking for evidence arguing against another interest rate hike, they're unlikely to get it in data due Wednesday that is expected to show ongoing price pressures and consumers who nevertheless continue to spend. The personal consumption expenditures price index, the primary inflation gauge for central bank policymakers, is expected to show increases of 0.3% at both the all-items and core levels, the latter of which excludes food and energy costs, according to the Dow Jones consensus. On an annual basis, the price levels are expected to show increases of 3.7% and 3.3%, respectively, unchanged from July and still well above the Fed's 2% target.