Annex Wealth Management's chief economist, Brian Jacobsen, commented on the US June PCE price index, saying that everyone is waiting to see if the Fed will have enough confidence to cut interest rates. If this data is not enough to make the Fed confident, then nothing will. The economy is slowing down, and if they don't cut interest rates, economic growth could come to a halt. They still have some time because the economy certainly still has some momentum, but it is quickly fading. I think they will cut interest rates in September. They could cut them next Wednesday, but I don't think they will do so because they seem to want to get more data or at least hint at a rate cut first. If this were under the leadership of Greenspan or Bernanke, they might cut rates, but Yellen did set a precedent for trying to really strengthen forward guidance, and Powell has taken that to the extreme.