US inflation rates for May have come in lower than anticipated, igniting a rally in both bonds and stocks. Headline CPI dropped by 10 basis points to 3.3% year-over-year, defying the expected 3.4%. Core inflation saw a 20 basis point decrease to 3.4%, against predictions of 3.5%. However, this positive trend could reverse quickly if geopolitical tensions drive energy prices up.

(Disclaimer: Yes, I know the data is rigged. But we have to deal with these numbers as 99% of market participants follow their lead)