According to analysis from foreign media, the June CPI report will significantly affect market expectations for the Federal Reserve's next policy move. Currently, the market expects a higher likelihood of the Federal Reserve lowering interest rates in October. If the data comes in above expectations, even if far above expectations, the Federal Reserve will wait until October to lower rates, but if the data is moderately below expectations, the Federal Reserve is expected to maintain rates in July and lower them in September. In short, regarding monetary policy, the June CPI report will clarify who is right, Trump or Powell.