U.S. Inflation Drops Below 3%, Boosting Hopes of an Interest Rate Cut

US inflation reached its lowest since March 2021 in July, coming in at just 2.9 percent and further strengthening the case for an interest rate cut from the Federal Reserve. Analysts had expected US inflation in July to come in at three percent, unchanged from where it had fallen to in June. While this is still above the Fed’s two percent target, it represents a significant fall from the highs of 9.1 percent just two years earlier. Core inflation, or inflation without volatile components like food and energy, reached 3.2 percent, its lowest…