“Inflation is roaring back largely driven by stubbornly high oil prices. As a result, we expect the Federal Reserve to be on hold through the summer on interest rates.”

On the surface the market looks relatively unremarkable... What is highly unusual is what is going on below...

Targeted southernmost city of Eilat on Tuesday...

...but core CPI remains stable.

"a hotter print now is something markets can look through, but inflation is accelerating higher for the June print, then we think the bond market will react negatively, e.g., yields higher." - JPM

Option expirations can remove stabilizing dealer hedging flows, especially in a call-heavy tape...

"This was an incredibly valuable transition." 

“I thought I’d seen it all with Covid […] but having seen jet fuel go up almost three times - this is much worse...”

Calls for complete reevaluation of the role Pakistan is playing...

"We have concluded that ..." 

Washington’s latest political punching bag...

Reportedly happened in early April, just before Trump announced a ceasefire...

...stocks look past oil gains, bonds don't... momo melted up and silver soared...

“We will continue to use the full range of tools available to protect our security and hold China to account for actions which undermine our safety and democratic values,”