By Chris Dorrell The latest inflation figures will be the crucial event for traders this week as markets debate whether the US Federal Reserve will cut interest rates by 25 or 50 basis points. July’s figures put US inflation below three per cent for the first time since March 2021 and economists expect to see further progress in August. The headline rate is expected to dip to 2.6 per cent although core inflation, which strips out more volatile components like food and energy, will remain at 3.2 per cent. The figures come out a crucial time with the Fed preparing to cut interest rates for the f…