CNN —
Price hikes slowed more than expected in July, and, for the first time in more than three years, the Consumer Price Index has landed below 3%.
That paves the way for the Federal Reserve to cut rates next month after a yearslong battle with inflation that sent rates spiking to a 23-year high. America’s economy is showing signs of stress, and now that inflation appears under control, the Fed can reduce borrowing costs to try to get job growth booming again.
Consumer prices rose 2.9% for the 12 months ended in July, slowing
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