Inflation in the United States continued to cool in June for the third straight month, easing concerns about the worst price spike in decades and potentially setting the stage for interest rate cuts by the Federal Reserve. Consumer prices fell 0.1% from May to June, marking the first monthly decline in overall inflation since May 2020. This better-than-expected report suggests that the Fed may soon begin cutting its key rate from its 23-year high. With rent and homeownership costs stabilizing and food prices ticking up slightly, the overall inflation rate of 3% in June was lower than in May. These positive trends, along with a statement from Fed official Mary Daly supporting rate cuts, indicate that the central bank may begin reducing rates in September if inflation remains low. Despite remaining challenges, such as high food and rent costs, the data suggests a promising shift towards more sustainable inflation levels.