Inflation is chilling, at least before the Middle East heated back up. US wholesale prices (PPI) fell 0.3% in June, bringing the annual rate to 5.5% and beating expectations. With both CPI and PPI dropping, the pressure was off the Fed. But keep in mind: these numbers are from June, before the US-Iran ceasefire ended and hostilities resumed on July 8. Energy prices next month will be the real test.(Lark Davis)