Inflation held steady in July and ran slightly cooler than expected, increasing the odds of a Federal Reserve rate cut next month.

Treasury Secretary Scott Bessent suggested that the Federal Reserve ought to be open to a bigger, 50 basis-point cut in the benchmark interest rate next month, after having skipped a move at the last meeting.

President Donald Trump on Tuesday morning made his latest call for the Federal Reserve to lower interest rates following July’s inflation report. But the president didn’t say by how much.