Key Takeaways Inflation rose in June, moving further from the Federal Reserve's goal of 2% each year.This flare of inflation will likely discourage the Fed from cutting its influential interest rate later this month.

Kevin Warsh, a top contender to replace Jerome Powell as chair of the Federal Reserve, is finally ready to cut interest rates. Most Read from BloombergAdvocates Fear US Agents Are Using ‘Wellness Checks’ on Children as a Prelude to ArrestsThe Dutch Intersection Is Coming to Save Your LifeLA Homelessness Drops for Second YearAs a governor at the US central bank from 2006 to 2011,

The Federal Reserve will likely be able to start cutting short-term borrowing costs by September, traders continued to bet on Tuesday, after a government report showed a widely expected increase in consumer prices last month.