 I'm Neil Cavuto, and this is the Fox Business Report. The major averages closing in the green, but below session highs on growing optimism that the Fed will begin slashing its key interest rate as soon as September. Speaking before the Economic Club of Washington, Fed Chair Jerome Powell said that the three inflation readings over the second quarter of this year showed more progress was being made on bringing the pace of inflation back to the Fed's target. But he didn't provide any signals on the timing of a rate cut.