Gasoline price cuts drag down CPI, but core inflation stays stuck at 2.9%. The Fed figures it still has to “play dead,” so don’t rush the market into calling for rate cuts.

Crypto news from CoinDesk: Analysts expect the US June Consumer Price Index (CPI) to fall, mainly due to a drop in gasoline prices, but the Federal Reserve is unlikely to ease policy. Core CPI is still around 2.9%, while services inflation has accelerated to 3.4%. Although CPI data earlier this year has improved, persistently elevated core inflation keeps the Fed facing challenges in responding to inflation. June CPI is expected to drop 0.2%, while the annual inflation rate is expected to fall from 4.2% in May to 3.8%. At the same time, oil prices have risen to $75 per barrel amid heightened tensions in the Middle East, further affecting inflation expectations.