Hinman Emails Could Suggest a Gap in Existing Regs, CPI Continues to Cool

Market Update Equities are continuing their tear on the back of today's CPI release. The $SPX and $QQQ are both trading approximately 80 bps higher. Interestingly, materials and energy are leading the market, suggesting a broadening of the emergent bull market. Crypto continues to track more closely with gold than equities, with $BTC and $ETH flat over the last 24 hours. Altcoins received an early bid after the release of the highly anticipated Hinman emails (more on this below) but have since retraced their gains.Source: TradingView, FundstratThe May CPI report revealed that headline inflation increased by 0.1% month-over-month and 4% year-over-year, showing a slowdown compared to the previous month. Despite the cooling of headline inflation, core inflation remained elevated. Core inflation, which excludes food and energy prices, rose by 0.4% monthly and 5.3% annually. The main drivers of CPI were surging rent prices and increases in used car and truck prices. The Fed is expected to pause its rate hikes at tomorrow's FOMC meeting, with the possibility of a resumption in increases in July, as they continue to assess incoming data. On Tuesday, Ripple Labs disclosed emails from 2018 featuring William Hinman, the then-Director of Corporation Finance at the SEC, suggesting that ETH