Inflation data this week could help determine the timing of the Fed's rate cuts

A sentence the Fed added to its statement after its last meeting on May 1: "further progress" in bringing inflation back to the central bank's 2% target. If the May inflation report released on Wednesday shows further signs of improvement, the Fed may remove this sentence from the statement. This would be an encouraging sign that policymakers may cut their benchmark interest rate within a few months. However, most economists believe that a rate cut is unlikely before September at the earliest. (ABCNEWS)