Former Fed Gov. Clarida: Sees one Fed rate cut in December

Former Fed Gov. and PIMCO global economic advisor Richard Clarida is on CNBC says:

• Feds stance is dovish despite perceived hawkishness
• Earliest practical time for rate cut is September.
• PIMCO's base case is for one cut this year in December
• Characterizes the May inflation data as welcome news for the Fed
• Says that Fed officials need a string of good inflation news to cut rates