MORNING BID AMERICAS-Inflation obscures all

Near-record inventories, technological advances and the rise of key exporters such as Brazil and Russia have made the global food system more resilient to this year's "super" El Nino than similar past events. World farm production has outpaced consumption and population growth since the 1980s, according to the U.N. Food and Agriculture Organization (FAO). The changes have been driven by higher-yielding crop varieties, greater use of fertilizer and improved irrigation and crop protection, lifting yields of staples such as rice, wheat, corn and soybeans. Today's events to watch: * U.S. July CPI (8:30 a.m. EDT), 10-year note auction (1 p.m. EDT) * U.S. corporate earnings: Cisco Systems It's inflation day stateside and an important moment for Federal Reserve thinking, not to mention for nervy bond markets. To be fair, the consumer price report only makes for one of three big "inflation days" each month. Tomorrow will bring the producer price update, while the Fed's favored PCE gauge will come later in the month. But CPI will start to form the picture. With annual headline and core inflation rates expected to tick slightly lower, today's report may chime with last week's softer July jobs numbers to douse speculation of a Fed rate hike next month. Right now, markets are priced 50-50 on that outcome. Decent demand at Tuesday's 3-year Treasury auction helped calm the horses in the bond market, with 10-year notes coming under the hammer later today. This week's rise in oil prices won't help, however, even though that obviously won't be captured in July consumer inflation. The impasse in Iran talks, as well as more attacks by the Iran-backed Houthis in the Red Sea on Tuesday, are keeping Brent crude close to $90 per barrel. There was better news back in the U.S. tech world as CoreWeave surged 15% overnight after beating second-quarter revenue forecasts. The AI cloud company also upgraded its demand forecast, citing a backlog of more than $100 billion in orders in the second quarter. Meantime, Super Micro Computer jumped 7% after its sales forecast also beat estimates. And elsewhere, Taiwan's Foxconn, the world's largest contract electronics maker, reported a 35% rise in second-quarter profit, beating analyst forecasts. Showing how the tech-led boom is flattering investment portfolios, Norway's $2.3 trillion sovereign wealth fund, the world's largest, posted a record profit of $184.3 billion for the first half of the year. Broader equities were steady early on Wednesday, with Wall Street futures up before the bell. Elsewhere, a nearly 4% gain in South Korea's KOSPI lifted Asian shares.

MORNING BID AMERICAS-Inflation obscures all

Chart of the day and events to watch

Inflation day weighs on Fed and bond markets

Tech earnings and global markets stay supportive

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