Bret kenwell, an analyst at financial investment services firm eToro, said that the U.S. PCE report for June was largely in line with economists' expectations, while the core PCE index rose only slightly more than expected year-on-year. Still, there was nothing in the report to suggest that inflation would accelerate unexpectedly. Combined with the lower-than-expected CPI report earlier this month and the recent trend in lower inflation data, this should give the Fed the green light to cut rates later in the quarter. At next week's Fed meeting, all eyes will be on Powell, who is hoped and expected to lay the groundwork for a rate cut in September. In recent years, the Federal Reserve has been very transparent, announcing its actions well in advance, adding more certainty, and markets like certainty.