Global inflation is waking back up, and the central banks that declared victory are being dragged back into the ring.
Australia and Norway have already started hiking to fight sticky prices. The ECB is expected to follow in June. Meanwhile, US CPI is still running hot at 3.8% YoY and trending higher.
The Fed is doing what it always does: waiting for permission from yesterday's data while the market reprices tomorrow's problem.
The cut narrative is running into price reality. Again.