Inflation's back. May PCE hit 4.1% headline, 3.4% core. A 3-year high. (BEA/Commerce Dept) Blame: Iran war -> energy spike. AI buildout + tariffs -> sticky everything else Good news: Oil is down 35%+ since Hormuz reopened. Economists think May was the peak Bad news: CME FedWatch puts September rate HIKE odds at 73%. BofA is now calling for 3 hikes by year-end. The Fed held in June. July hold likely. After that, buckle up.