Situational Awareness
📊 June CPI came in well below expectations — the day’s dominant macro catalyst. Headline -0.4% MoM (largest single-month decline since April 2020, vs. -0.1% expected); annual rate 3.5% vs. 3.8% expected. Core CPI flat MoM, 2.6% YoY vs. ~2.8-2.9% expected. Gasoline-price relief was the main driver. July Fed hike odds collapsed from …
