Here are five key takeaways from the July CPI inflation report

Readings for July on the prices consumers pay for goods and services came in pretty much on target Wednesday, driving traders to lower odds for a September interest rate hike even though inflation remains well above the Federal Reserve's 2% target.

Here are five key takeaways from the Bureau of Labor Statistics report:

"This makes life for the Fed a little bit easier because now there's less pressure for that hike that everybody was expecting. Inflation appears to be getting tamer." — Dan North, senior economist, Allianz Trade North America .

"We are sticking with our base case of 75 [basis points] of hikes this year, starting in [September]. But the somewhat benign inflation data over the last two months have increased the risks that hikes will either be delayed (e.g., they might start in [December]) or won't materialize." — Stephen Juneau, U.S. economist at Bank of America, explaining the bank's contrarian rates call .

"The July CPI report was highly anticipated as a crucial datapoint ahead of the FOMC September decision. But its release is unlikely to meaningfully change the stance of many FOMC voters, given elements potentially feeding both the dovish and hawkish narratives." — Niladri "Neel" Mukherjee, chief investment officer, TIAA Wealth Management .