"US Inflation Retreat Strengthens Fed's Stance on Rate Cuts"

US inflation is expected to have only gradually abated last month, with retail sales rebounding, indicating the Federal Reserve's cautious approach to lowering interest rates. Fed Chair Jerome Powell stated that while rate cuts may be appropriate later this year, the Fed is waiting for convincing signs that inflation is nearing their 2% target. Other global economic indicators include Japan's wage negotiations, UK's wage data, euro zone industrial production, and inflation numbers from various countries in Europe, Middle East, Africa, and Latin America.