US annual inflation slowed for a second consecutive month to 3.4% in July, from 3.5% in June, in line with market expectations. Core inflation, which excludes more volatile food and energy prices, also eased, to 2.5% in July from 2.6%, matching its slowest pace since March 2021. The lower rate added to expectations that the Federal Reserve will keep interest rates unchanged when it meets next month. In July, the Fed kept rates on hold at 3.5%-3.75% by a 9-3 vote, noting that inflation remained above its 2% target. [...]