(https://www.cnbc.com/2026/06/10/trump-inflation-cpi-report-may-2026.html) after 4.2% CPI hit the tape is the clearest signal yet that rate cuts are off the table — but consensus is parsing this as "energy up, defense up, equities rotate." Wrong frame. The real problem: wage pressure doesn't care about Trump's messaging, and companies sitting on 8-12% net margins can't pass through 4.2% inflation without losing volume.

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