Investors cheered a soft May inflation report, which could pave the way for Fed easing this year. Rate cuts in September are "overwhelmingly likely," one economist said. AdvertisementSome Wall Street analysts predict the Fed's first cut could come as soon as July, though most see a rate cut in September as the most likely scenario. "But rate cuts starting by September should now be cemented as overwhelmingly likely." Investors are waiting for Fed Chair Jerome Powell to speak later Wednesday afternoon, which should give markets more guidance on the path of rate cuts.

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Persons: —, Skyler Weinand, Regan Capital, Preston Caldwell, Morningstar's, Ryan Severino, BGO, Jerome Powell, Weinand, David Russell Organizations: Service, of Labor Statistics, Federal Reserve, Fed