After Powell, fully expectedly, refused to drop any hints today at the timing of The Fed's next action, he did mention that the last three inflation reading had "added to confidence."

Speculation on the when not the if is building.

"The FOMC has an undeniable (if never acknowledged) incentive to avoid initiating cuts in the last two months of a presidential election campaign. This doesn’t mean the committee couldn’t cut in September, but it does mean that July would be preferable," concludes Goldman Sachs chief economist Jan Hatzius in a brief note this morning.