The Fed is done hiking rates – and could even cut early next year, Fundstrat's Tom Lee and Mohamed El-Erian say

• The Fed is likely done with its rate hiking cycle, and could start cutting rates in 2024, experts say. 
• That's because inflation is rapidly cooling, with July's CPI report coming in below economists' forecasts. 
• "They have to cut rates otherwise it's actually restricting the economy more," Fundstrat's Tom Lee said. 

Fresh inflation data suggests the Federal Reserve is likely done hiking interest rates – and could even start cutting rates early next year, according to a pair of renowned market watchers.