 Now that a closely watched report is showing inflation is cooling, cooled in May to its lowest level in three years, traders who monitor the Federal Reserve say there is about a 60% chance that the central bank will cut interest rates at its September meeting. Inflation last month slowed to its lowest level in more than three years, according to the Commerce Department. Core inflation, which takes out food and energy, which is usually more volatile, those numbers were actually flat. Dan Ronan, WTOP News.