Institutions: If the CPI report released in August is also weak, the Federal Reserve may cut interest rates 3 times during the year

Peter Cardillo, chief market economist at Spartan Capital Securities, said the June CPI report is good news for the Fed. It's good news for consumers and the economy. The market is going to love these numbers. The report essentially supports Powell's view that a 2% inflation rate is achievable. Powell has been hinting at a rate cut in September. These numbers speak to that. If we get another good inflation report in August, then I think we could see at least two rate cuts this year, maybe even three. If macro indicators soften over the next thirty days, the Fed could make another surprise move.