The Globe and Mail reports in its Saturday, July 27, edition that in June, the U.S. Federal Reserve's preferred inflation measure continued to decrease gradually, while a "core" inflation measure remained stable. A New York Times dispatch to The Globe reports that this is likely enough evidence of progress to keep the Fed on track for a rate cut later this year. However, it is not enough to fuel speculation that the Fed might reduce rates at its meeting next week. The personal consumption expenditures index rose by 2.5 per cent in June compared with a year earlier, meeting economists' expectations, according to new data released on Friday. The report served as a reminder that inflation is substantially lower than it was at its 2022 peak but is not yet vanquished. Even though inflation is now coming down, policy-makers have not wanted to cut borrowing costs before they are sure that they have fully wrestled price increases under control. Given that, investors mostly expect Fed officials to hold off on a rate cut at their two-day meeting that concludes Wednesday. Instead, traders and economists widely think that central bankers will begin lowering rates at their meeting that ends Sept. 18.