 His campaign hoping to use the event to fend off continued calls for him to withdraw from the presidential race met news conference at 6.30 p.m. Eastern. Inflation in June cooled off for a third straight month. Consumer prices declined one-tenth percent from May to June. Senior economic analyst Mark Hammett says it looks like the Federal Reserve will start cutting interest rates in September. Economists and other observers are really thinking that September is when we are likely to get the first rate reduction this cycle.