Just this morning, the CPI data reported a notable and surprise increase in the rate of inflation. Although disinflationary pressure have been strong since early 2023, it seems those forces have reversed, and policymakers may have to deal with the changing expectations. Because of this reversal in disinflation, the market expectations for a rate cut have fallen, and futures markets are now pricing in just two rate cuts starting in September, from three cuts starting in June. It is a pretty significant shift ...