US core inflation is still way above its target (2%).

Although the US core inflation is slowly decelerating (3.3%), it is still way above its FED's target (2%).  This deceleration may stop soon because the prior high base effect is almost over.  We'll need to wait for 2 to 3 more months to ascertain this.  By then, the US Fed will have to decide to cut or hold its rates in September.