David Doyle, head of economics at Macquarie Bank, said today's report in the US is not as pro-disinflation as it was in June, but that report sets a very high bar. Overall, the report provides more evidence that the disinflationary trend is still there. It should provide the FOMC with more evidence that the rise in underlying inflation seen in the first quarter of 2024 was temporary and has reversed. There is nothing here to stop the Fed from cutting rates in September. The pace of easing will depend a lot on upcoming data, with inflation and employment data being particularly important. Our benchmark expectation for a September rate cut is 25 basis points.