'Really good' inflation data still won't budge Fed -CIO

STORY: :: Lisa Bernhard, Reuters

:: Anna Rathbun, Chief Investment Officer, CBIZ Investment Advisory Services

Friday's personal consumption expenditures price index from the Commerce Department showed that prices in May were unchanged from the prior month, with the annual inflation rate ticking down to 2.6%.

Speaking with Reuters' Lisa Bernhard, Rathbun called the data "happy news for those who are waiting for Fed rate cuts."

And traders increased their bets that the Federal Reserve would start cutting rates in September.

But Rathbun was reluctant go that far, explaining that the central bank needs more "conviction" that inflation is indeed heading closing to its annual target rate of 2%.

Rathbun also discussed whether a shaky debate performance by President Joe Biden, and the possibility of Democrats replacing him as the November presidential candidate, would roil markets.