The decline in American inflation has stalled

Headline CPI rose to 3.2% and core CPI (which excludes energy and food) rose to 3.8%. The culprit was services, which rose strongly as suppliers passed wage costs on.

Here's the chart:

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Here is the chart showing month-on-month rises:

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As you can see, the trend is upwards. This makes it extremely unlikely we shall see a cut in interest rates in the next few months.

It's election year and the Fed usually cuts rates in the lead up to the election. But Jerome Powell has his reputation to think about, and probably doesn't care if the next President gets rid of him. All he cares about is inflation is under 2% when he leaves. So going into the election, interest rates will be the highest since the 2008 presidential year.