A key measure of consumer prices in July posted the biggest increase in six months, suggesting inflation is showing some upward pressure from tariffs but perhaps not enough to deter the Federal Reserve from cutting interest rates soon.

The CME Group’s FedWatch Tool places the chance of a .25 rate cut in September at 86.4%. If this week’s July CPI report comes above the June pace of 2.72% year over year, the cost of essentials like groceries, gas, and rent will remain stubbornly high.

U.S. President Donald Trump on Tuesday reiterated his call for the U.S. Federal Reserve to lower benchmark rates, and cited "a major lawsuit" against Fed Chair Jerome Powell over renovations of the central bank's buildings.

The list suggests officials are aiming to present the president with a diverse set of options to succeed the Fed chair.

President Donald Trump, who has long vented against Federal Reserve Chair Jerome Powell for not cutting rates, has found a different reason to take action against Powell. He said he's "considering allowing a major lawsuit against Powell to proceed because of the horrible,