 A closely watched report today showing inflation is cooling to its lowest level in three years. Traders who monitor the Federal Reserve say there's about a 60% chance the central bank will cut interest rates at its September meeting. Inflation last month slowed to its lowest level in more than three years. This according to the Commerce Department report. Core inflation, which excludes the often volatile food and energy, was actually flat in May. Dan Ronan, WTOP News.