 The S&P is up 14%. The Dow 3.6%. A closely watched report on inflation shows that it cooled in May to its lowest level in three years. Traders who monitor the Federal Reserve say now there's about a 60% chance the central bank will cut interest rates in September. Dan Ronan, WTOP News. Good morning. Welcome to WTOP. Glad you're with us. Time now is 1241.