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However, looking under the hood, CPI had once again been boosted by transitory factors with used cars and trucks up a sizeable 7.3% on the month , which will likely reinforce the Fed’s message that they will remain patient with the inflation spike seen as temporary.
However, as volatility remains subdued, chances of a break out are somewhat limited and thus a combination of falling real yields and a softer USD would be needed to challenge the May high .
Next week is arguably the last chance to stir some volatility in markets before the summer lull with the FOMC meeting scheduled.
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