Analysis: Housing will be a key driver of the decline in US inflation

Institutional Chief US Economist: We still expect housing to be a key driver of the decline in US inflation for the rest of the year. The Fed is expected to cut interest rates by 50 basis points in September. With the unemployment rate rising - we expect the unemployment rate to reach 4.5% this fall, possibly by October - the Fed will focus more and more on the employment part of its dual mission.