The biggest market-moving economic data, the U.S. Consumer Price Index (CPI), rose 1.0% in May, bringing the one-year tally to +8.6%. One little silver lining: core CPI (which excludes food and energy) was 6.0% for the year, down from last month’s pace of 6.2% and marking the second month of declines. But try as we may, it was hard to find good news with this data. This has clearly pushed equities lower as markets priced in even higher expectations of Fed Funds rate this year.

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