US inflation cools again, potentially paving way for Fed to cut interest rates soon

WASHINGTON — Inflation in the United States cooled in June for a third straight month, a sign that the worst price spike in four decades is steadily fading and may soon usher in interest rate cuts by the Federal Reserve.

The June inflation data will qualify as as another installment of the more good data the Fed's policymakers have been seeking. Should inflation remain low through the summer, many economists expect the Fed to begin cutting its benchmark rate in September. The Fed has kept its key rate unchanged for nearly a year after having aggressively raised it in 2022 and 2023, leading to costlier mortgages, auto loans, credit cards and other forms of consumer and business borrowing.

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