 The CPI is a measure of the U.S. cost of living, which has been unforgiving. But there are shreds of evidence that the Federal Reserve's efforts to tame inflation with high interest rates may be taking hold. May's CPI was unchanged, the most tepid reading since 2022, and Bloomberg Economics anticipates soft inflation data for June, July, and August. That could open the door to a Fed rate cut as soon as September. Vinnie Dell, Jude Ice, Bloomberg Radio.