We are at the Fed's inflation target now. We almost assuredly will have a rate cut in September. Just a question of how large of a rate cut.
On a month to month basis, headline inflation was only 0.2%. 1.9% annual rate.
Nearly 90% of what meager inflation we did have came from shelter.
Core inflation was also only 0.2% month to month. 2.0% annual rate. That's exactly spot on for the Fed's target.
We saw deflation across a number of categories.