Rusty Vanneman, chief investment officer at Orion, said today's CPI report was largely in line with expectations, with the headline CPI slightly better than expected year-on-year, falling to 2.9% from an expected 3.0%. Last month, the headline CPI was also 3.0%. Given this week's inflation data, including yesterday's PPI data, and market and survey-based short-term inflation expectations both falling to multi-year lows, the likelihood of a Fed rate cut in September remains strong.