If inflation numbers are improving, the Federal Reserve should be ready to cut interest rates–maybe. Wall Street Journal Chief Economics Correspondent Nick Timiraos, known as the ‘Fed whisperer,’ explains the Fed’s rate cut calculus, including inflation metrics and changes in the labor market. CNBC’s Megan Cassella reports on Capitol Hill’s reaction to President Biden’s rare, unscripted press conference, and EU regulators are taking aim at Elon Musk’s X platform. Plus, the Paris Olympics are just weeks away! Washington University in St. Louis Sports Business Director Patrick Rishe says Americans are ready to bet on everything, from gymnastics to basketball. Megan Cassella - 7:37 Nick Timiraos - 15:20 Patrick Rishe - 25:15 In this episode: Nick Timiraos, @NickTimiraos Megan Cassella, @mmcassella Melissa Lee, @MelissaLeeCNBC Joe Kernen, @JoeSquawk Katie Kramer, @Kramer_Katie