Tonight at 8:30 PM, the CPI will be released, expected to hit the first '4-handle' in three years. Inflation expectations are about to be revised upward again. The market's expectations for the Fed have completely flipped— At the start of the year, the market was betting on more than 2.5 rate cuts (25 basis points each) this year. Now, it's shifted to rate cuts being delayed until 2027, and there’s even a chance of one rate hike before the end of the year. The divergence among institutions is the largest in recent years. With just one week left until the Fed's June FOMC meeting, it feels like it’s going to be a rough ride!