Good morning. Today is CPI day, and it lands on top of a ceasefire that is barely a day old. Consensus sees May inflation at 4.2 percent, the hottest headline print in three years, and markets are already pricing a 70 percent chance the Fed hikes in December. That combination is the whole session.

Oil is giving back ground. Brent trades around $92.4, WTI near $89.1, both down roughly 2 percent after Iran and Israel agreed to halt attacks. But the Strait of Hormuz is still effectively closed, and Trump teased new strikes just yesterday. Still no traffic through Hormuz.

Europe limps toward the open. The DAX closed near 24,550 on Tuesday, its lowest since mid-May, and futures point to around 24,740 this morning, up about half a percent. ECB rate hike chatter is building too, which keeps the euro bid near 1.156.

Wall Street ended mixed. The Dow added 0.17 percent to 50,872, the S&P 500 slipped 0.26 percent to 7,387, and the Nasdaq lost about 1 percent to 25,679 as the chip rebound stalled. Futures point modestly higher this morning, with the 10-year sitting at 4.55 percent.

Asia is steadier. The Nikkei trades near 65,500 after Tuesday's 2.2 percent rebound, the Hang Seng slightly softer around 24,570. Quiet, for once.

Crypto stays heavy. BTC sits near $62,600 and ETH around $1,668, both down on the day. No appetite for risk before the print. Gold holds at $4,327, well off its highs but supported by the same inflation everyone else is worried about.

On the calendar: May CPI at 8:30 ET, core expected at 2.9 percent. PPI follows Thursday.

A hot number today and the December hike becomes the base case. A soft one, and this nervous tape finally gets some air.

We'll take it from there.