 During the middle of last week, Fed Chair Jerome Powell testified in front of Congress, which he does every year, and said that the labor market had cooled significantly and any further loosening might be unwanted. Most market participants took that to mean that the central bank is getting ready for its first interest rate cut. Then on Thursday came June's Consumer Price Index report, which showed that for the first time since March of 2020, aggregate prices were lower than the month before. The annual rate of inflation slipped to 3%.