The US Labor Department reported on the 14th that the Consumer Price Index for June rose 3.5% from a year earlier, slowing from the previous month's 4.2% gain. The deceleration, driven by falling crude oil prices following the signing of a ceasefire memorandum between the US and Iran, was the largest since June 2023, marking three years, and came in below market expectations. The core index, which excludes volatile food and energy, rose 2.6% year-on-year, down from 2.9% in the prior month, also undershooting forecasts. In a speech the day before, Federal Reserve Governor Waller had suggested that if the June core reading and other data exceeded expectations, an early rate hike could be considered, but the latest outcome fell short of that threshold. However, turmoil in the Middle East persists, putting upward pressure on prices across a broad range of items.