Markets think the odds of a Fed rate cut in July are almost 50% after April CPI showed inflation cooling more than expected

• Inflation in April increased by less than anticipated, spurring further bets the Federal Reserve will start rate cuts this summer. 
• Odds of a cut in July rose to 45.9% on Wednesday from 29.3% a day earlier. 
• Traders see the Fed pausing its aggressive rate-hike campaign in June. 

Inflation in April continued to come down from peak levels, and that's driving up anticipation that the Federal Reserve will move quickly to cut interest rates.