Monthly price rise of 0.1% seen as adding to likelihood of a September rate cut
Powell declined to provide any hints of when the first rate cut would occur
Latest data fuels speculation of interest rate cuts by the Federal Reserve
Investors have put the likelihood of a Fed rate cut in September at about 76%, according to CME FedWatch
Minutes of most recent meeting show that policymakers are in no rush to reduce borrowing costs
Powell said the U.S. economy and job market remain fundamentally healthy
Officials say there's been “modest further progress” toward the 2% inflation target
The longer the Fed keeps borrowing costs high, the more it risks weakening the economy too much
Key reason for the delay in cuts is lingering effects of the pandemic
Meeting minutes show that officials debated whether their benchmark rate was exerting enough of a drag on the economy