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**INFLATION DATA ALREADY OUT OF DATE; WHITE HOUSE DOWNPLAYS CPI EXPECTATIONS**
**Consumer inflation is expected to have been even hotter in June, but it could be a non-event for markets.**
**Traders eagerly await the release of the latest Consumer Price Index (CPI) data due later this morning. Economists are expecting a year-over-year increase of 8.7%, which would be the highest reading since the summer of 1981.**
**However, the White House has already tried to downplay the data, saying that it is out of date and does not reflect the current state of the economy. In a statement released on Tuesday, the White House said that the CPI is a backward-looking measure and does not capture the recent decline in gas prices.**
**"The CPI is backward-looking and does not reflect the current state of the economy," the White House said. "The recent decline in gas prices will help to moderate inflation in the coming months."**
**Traders are still waiting to see the actual data, but they are already discounting the possibility of a big market reaction. The S&P 500 has been trading sideways for the past few weeks, and there is no sign of a breakout in either direction.**
**"The market is waiting to see the CPI data," said one trader. "If it comes in much higher than expected, it could cause a sell-off. But if it is in line with expectations, or even a little higher, it will probably be a non-event."**
**The CPI data is due out at 8:30 AM Eastern Time.**
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