There is a timing mismatch at the center of this week. Tuesday's June CPI will likely read as encouraging, cooler headline inflation on lower gasoline, but it is a rear-view number that captures the month oil was falling, before the resumed Hormuz blockade. The more durable signals this week are Warsh's testimony (his tolerance for the energy-driven inflation risk) and, outside the data, the strait's shipping status.(BloFin Research)