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Morningstar is an American financial services firm. From Morningstar chief US economist Preston Caldwell:

• The CPI report "provides further support for aggressive Fed rate cuts beginning in September."
• he sees a 25bps cut to start, which will take Fed Funds to 5.00-5.25%
• "While the rise in the unemployment rate is flashing alarm signs, other labor market indicators look more benign,"
• "Not to mention, economic activity continues to expand at a solid pace for now, although we expect a deceleration over the next year."
• Further out he says "optimal monetary policy calls for a hefty reduction in the federal-funds rate in short order."

(ie continued cuts)

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We'll get more clues this week when Federal Reserve Chair Powell speaks at Jackson Hole

• Federal Reserve Chair Powell to speak at 10am US Eastern time on August 23

• Bank of America on Powell speaking at Jackson Hole - to keep aggressive easing option open

• Next week doesn't start until Thursday

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Not the usual version: