Traders will be able to place bets on a key inflation gauge Wednesday, when Goldman Sachs and the Chicago Mercantile Exchange offer the first derivatives auction tied to the core consumer price index.

Goldman Sachs announced Monday that it will conduct on CME’s Globex platform the first auction on the consumer index measuring prices excluding food and energy.

The price report, due for release Wednesday at 8:30 a.m. EDT, is closely watched by Federal Reserve policy-makers in determining the direction of interest rates.

Posted: 06|13|06 at 9:16 am. Filed under: US News.