P.M. Edition for July 11. An opaque picture of President Biden’s health has emerged since his disastrous debate performance last month. The Wall Street Journal’s Rebecca Ballhaus reports on the shifting accounts about Biden’s medical care and the president’s own refusal to undergo more testing. And U.S. inflation eased substantially in June, clearing a path for the Fed to cut rates by the end of the summer. Plus, everyday investors are pouring billions into low-rated corporate loans. Markets reporter Vicky Huang says there are risks involved. Pierre Bienaimé hosts. Sign up for the WSJ's free What's News newsletter. Learn more about your ad choices. Visit megaphone.fm/adchoices