INFLATION, ONCE UNLEASHED, IS DIFFICULT AND PAINFUL TO REIN BACK IN: Doubts Creep In About a Fed Rate Cut This Year. “Traders started the year predicting up to seven rate cuts. Now, many are betting on one or two—or none.”

Plus: “Investors will get a new perspective on the outlook for rates this coming week with Wednesday’s release of the consumer-price index. Inflation has cooled significantly from 40-year highs, but two months of hotter-than-expected readings have helped reinforce the Fed’s wait-and-see approach to cuts.”