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app. We begin this out with stocks lower and oil hire. Jeff U of BNY writing the following.

Disinflation hopes are still carrying sentiment. Growth, earnings and policy risks are harder to ignore. Jeff joins us now for more. Jeff, welcome, buddy. Let's frame the next 24 hours together and you tell me your priority. We've got earnings. We've got CPI. We've got Chair Kevin Walsh. We've got developments in South Korea and issues through the

Strait of Hummers. Where's your focus this morning?

So all of the above and how that impacts Fed expectations, how that impacts policy expectations,

full stop. Everything will be fine as long as there's no major shift higher in inflation

and inflation expectations. For now, that remains our base case. And to be frank, don't think anything changes that we need healthy disinflation at this point. But I agree what you were saying earlier. What's going on in the straight right now? It's a new equilibrium. We have to get used to it, not just in the short term, but over the long term. Well, Jeff, let's turn to 8.30 Eastern Time tomorrow morning.

CPI drops. If we get an in-line CPI, do you think that closes the door to a July rate hike? I would say the door wasn't really open, maybe a jar in the first place, but clearly yes. And to be frank, I don't think any central bank right now, given the state of demand globally, should be thinking about Reheights

unless there's a serious change in the inflation outlook right now, be either straight or otherwise.

The US, the Fed is a bit different, you know, where there's more of a demand impulse in the US and you're driven by the CAPEX for the hypers and the light driven by the AI view that you don't see in Europe. But right now,

...