Though yesterday's inflation reading was milder than expected, don't expect the Federal Reserve to cut interest rates next week.

After a calm start to the week on Monday and Tuesday, we were likely to see a bit more volatility on Wednesday due to important events on the calendar. The first was the morning's release of the Consumer Price Index (CPI),

“Mortgage rates increased for the third straight week, pushed higher by continuing volatility in the financial markets," said Mortgage Bankers Association President and CEO Bob Broeksmit, in a release. "These higher mortgage rates dampened borrower demand, with both refinance and purchase applications posting declines last week."