U.S. inflation comes in at 3.5% YoY, below the 3.8% expected. Core inflation eased to 2.6%, also beating forecasts, marking the sharpest monthly drop in headline inflation since May 2020. Positioning across risk assets is already shifting toward a lighter Fed path, with odds of a July rate hike pulling back and markets reading this print as confirmation rather than a one-month fluke.(Nexo)