Market • Sticky inflation concrete as May PCE matched consensus estimates exactly (Headline: 4.1% YoY / +0.4% MoM; Core: 3.4% YoY / +0.3% MoM). While the data avoided a hot surprise, printing at...

Markets • Macro has shifted from headline relief to sell-the-news. The US-Iran MOU is signed, gold is down 3% and oil down 4.5% on the deal, but the Strait of Hormuz remains contested with crossings...