 Fed President Jerome Powell commented that the Fed would not need to wait until inflation hit their 2% goal before they would begin their rate decrease schedule. Powell indicated there is greater risk in waiting too long to cut rates, suggesting rate cuts could be coming as early as September. Oddsmakers had previously given a 50-50 chance that the Fed would cut rates in September, but those odds increased to 70% following economic reports showing a cooling of inflation and then jumped to 100% after Powell spoke.