by Simon Moore
Forbes
U.S. Consumer Price Index data for June is expected to further confirm cooling inflation. This could lend support to a potential interest rate cut from the Federal Open Market Committee later in 2024.
Nowcast Inflation Projections
Nowcasts as modeled by the Federal Reserve Bank of Cleveland suggest that the monthly increase in headline CPI inflation for June will be 0.08% and that core CPI inflation, removing food and energy, will be 0.28%.
Turning to Personal Consumption Expenditures inflation data, which the FOMC prefers, but is released later in the m0nth, the expectation is for 0.09% monthly PCE inflation and for 0.21% for core monthly PCE inflation.