PPI just confirmed what CPI already told you with 5.5% vs 6.2% est and core dropping. It’s amazing how consensus has been so off. Muted reaction at first because the repricing happened yesterday so my guess is PPI probably just put in floors for yesterdays move. Barring any earnings or AI hiccups, and no massive spike in oil, markets seem pretty well setup. July hikes seem largely off the table even though Warsh told us don’t let one inflation reading fool us.(CryptoISO)