Michele Raneri, vice president and head of U.S. research and consulting at Transunio, said that despite the relatively upbeat recent CPI data, the general consensus in the market prior to today's resolution was that the Federal Reserve would not cut rates. That expectation was indeed correct. However, indicators such as the aforementioned CPI data, as well as the upcoming unemployment rate data, could still lead the Federal Reserve to consider a rate cut later this year, with multiple rate cuts still possible in 2025. When rates do start to come down, this could incentivize consumers to re-use credit products they have been reluctant to use over the past few years. This includes mortgage products for purchases and refinancing, as well as the auto market. A more favorable lending environment could lead to new lending activity and consumer confidence.