A big change could come to the US economy in September
CNN
Americans seeking relief from high borrowing rates might not have to wait much longer.
A version of this story first appeared in CNN Business’ Before the Bell newsletter. Not a subscriber? You can sign up right here. You can listen to an audio version of the newsletter by clicking the same link. Americans seeking relief from high borrowing rates might not have to wait much longer. US consumer prices fell in June for the first time since the early months of the pandemic. Fresh data Thursday revealed that consumer prices dropped 0.1% from May. On an annual basis, inflation eased to 3% last month from 3.3% in May. The welcome slowdown in inflation has led investors to move up their bets for when the Federal Reserve could begin cutting interest rates. Wall Street’s expectations for a September rate cut rose to roughly 93% on Thursday from 73% the day before, according to the CME FedWatch Tool. “A September rate cut should be a done deal at this point,” wrote Ron Temple, chief market strategist at Lazard, in a Thursday note. BNP Paribas economists on Thursday updated its base case to reflect a rate cut in September, citing the mix of June inflation and jobs data. They expect two quarter-point cuts in 2024.
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