Jerome Powell says US economy is cooling, inflation slowing - but no rate cuts just yet

The case for cutting official interest rates in the United States is gaining momentum - but "just yet". That's the message from the chairman of the US Federal Reserve Jerome Powell who's hosing down rate cut speculation despite signs that inflation is continuing to moderate. Also, US weather forecasters Accuweather has put a number of the full cost of Hurricane Beryl of between US$28-32 billion for damage and economic loss.