The Bureau of Labor and Statistics (BLS) released June’s Consumer Price Index report Thursday, noting inflation declined 0.1% last month.  

“June headline prices fell for the first time in over two years due to declines in energy and vehicles prices and substantial cooling in shelter price increase. This is great news when combined with last week's report on labor market moderation to consider more relaxation on monetary policy than anticipated,” said America’s Credit Unions Senior Economist Dawit Kebede. “The federal funds rate dot plot from the June summary of Projections indicates that the Federal Open Market Committee (FOMC) members are split on one or two rate cuts this year. If the trend in inflation in the previous two months continues, the likelihood of having two rate cuts this year increases.”