The U.S. CPI data is out: Overall CPI year-on-year dropped to 3.8%, fully in line with market expectations, significantly down from May's 4.2%, mainly dragged by falling gasoline and other energy prices. Core CPI year-on-year is at 2.8%, month-on-month at 0.2%, also meeting expectations but still noticeably above the Fed's 2% target. The data aligns with expectations, falling under our projected 'Scenario 2': overall in line with expectations, likely to maintain consolidation in the 62-65K range. CPI 'meeting expectations' itself doesn’t provide additional directional momentum. The real variable lies in how Walsh evaluates this data tonight.