Following three consecutive releases of inflation rates surpassing expectations, traders are anxiously awaiting the April Consumer Price Index (CPI) report, set to be released by the Bureau of Labor Statistics this Wednesday.

Analysts foresee a drop in both the overall Consumer Price Index (CPI) and its 'core' component, which excludes items like energy and food, in terms of annual inflation rates.

April CPI Preview: What Do Economists Expect

• The consensus among Wall Street economists anticipates the CPI inflation rate to ease from 3.5% in March to 3.4% in April, compared to the same month last year.

• On a monthly basis, the CPI...