The latest economic data could result in long-awaited interest rate cuts after the Consumer Price Index (CPI) -- a key factor in the Federal Reserve's bid to lower inflation -- came in below projections on Thursday.

Core CPI rose 0.1% in June, below the 0.2% expected, while the annual rate rose 3.3%, also a percentage point off from the Dow Jones projection. It marks the lowest annual increase in over three years -- since April 2021.

The slight declines are on pace with what the Fed is looking for before cutting rates from 23-year highs. Fed chair Jerome Powell spoke with congressional leaders on the subject this week about possible cuts before year's end.

The news had a positive impact on Wall Street in pre-market trading. Wednesday's trading saw all three major U.S. indices gaining more than 1% with another big day expected Thursday on the fresh data.

This is a developing story. Please check back for more details.

Inflation