According to @KobeissiLetter, traders are focused on Fed Chair Powell after a mixed inflation print where headline inflation is described as cold, core inflation as hot, and month-over-month inflation as expected (source: @KobeissiLetter). @KobeissiLetter expects a 25 bps rate cut in September, arguing the Fed can point to a weaker labor market despite hotter inflation (source: @KobeissiLetter). The source frames Powell’s upcoming messaging as the key near-term catalyst to watch for markets (source: @KobeissiLetter).