CPI came in at 4.2% YoY in May. Three-year high. The number most traders missed: Core CPI rose just 0.2% month-over-month — below the 0.3% estimate. Th...

CPI came in at 4.2% YoY in May.

Three-year high.

The number most traders missed: Core CPI rose just 0.2% month-over-month — below the 0.3% estimate.

That gap matters.

Energy drove over 60% of the monthly increase. Services inflation is NOT accelerating.

If the Iran