The Federal Reserve has a big meeting on tap next week, one that will be held under the cloud of an ethical dilemma.

Tuesday's report of the consumer price index could set the tone for markets ahead of next week's Federal Reserve meeting, particularly if it is hot.

Consumer prices in August rose 5.3% from a year ago and 0.3% from July, the Labor Department reported.

Job openings outnumbered the unemployed by more than 2 million in July as companies struggled to fill a record number of vacancies.

Businesses are experiencing escalating inflation that will likely be passed onto consumers, the Fed reported Wednesday.

Initial filings for unemployment benefits were expected to total 335,000 for the week ended Sept. 4.

The producer price index for final demand products was expected to increase 0.6% in August, according to economists surveyed by Dow Jones.

Dallas Federal Reserve President Robert Kaplan would like to see the central bank announce next month that it will begin tightening its policy reins.

Federal Reserve Chairman Jerome Powell indicated Friday that the central bank is likely to begin tapering before the end of the year.