Peter Cardillo, chief market economist at Spartan Capital Securities, said the June CPI report is good news for the Fed. It's good news for consumers and the economy. The market will love the numbers. The report largely supports Powell's view that a 2% inflation rate is achievable. Powell has been hinting at a rate cut in September. The numbers speak for themselves. If we get another good inflation report in August, then I think we could see at least two rate cuts this year, maybe even three. And if macro indicators soften in the next thirty days, the Fed could also take surprise actions.