In the US, prices unexpectedly fell last month, leading to speculation that the Federal Reserve may soon cut interest rates. With inflation dropping 0.1% in June and the consumer price index showing the smallest annual increase in a year, officials at the Fed are gaining confidence that inflation is on the decline. This news comes as Joe Biden praised the progress in fighting inflation, pointing to decreases in prices for cars, appliances, and airfares. Meanwhile, Donald Trump is blaming Biden for higher prices, accusing the current administration of fueling inflation with reckless spending. Economists predict that the Fed may start cutting rates soon, with analysts suggesting that multiple cuts may be necessary this year. With the looming threat of a cooling labor market and slowing economy, the Fed is expected to start its easing cycle in September.