Welcome to Seeking Alpha's Wall Street Lunch, our afternoon update on today's market action, news, and analysis.

Good afternoon. Today is Wednesday, June 11th, and I'm your host, Kim Khan. Our top story so far.

Inflation dodged the tariff bullet again. The main consumer price index rose 0.1% month on month, less than the 0.2%

consensus, and the 0.2% increase in April. On a year-over-year basis, the measure grew 2.4%, picking

up slightly from the 2.3% increase in April, but less than the 2.5% expected. Core CPI, which

excludes food and energy, rose 0.1% on the month versus the 0.5% expected. Core CPI, which excludes food and energy,

rose 0.1% on the month versus the 0.3% consensus

and 0.2% prior.

That translated into a 2.8% annual increase,

unchanged from April's pace, and a tick lower

than the 2.9% expected.

The monthly print showed little sign of inflation

from tariffs. The

timing of any increase in prices from tariffs is difficult to predict, though. Also, declining

imports due to the tariffs can mute the impact on inflation. Seeking Alpha analysts,

Demer Tokich says, new vehicle prices decreased by 0.3 percent, and apparel prices decreased

by 0.4 percent, and both of these categories were

subject to tariffs in May, and thus expected to rise. As a result, the May CPI data will be

difficult to digest by economists and could add to the volatility in bonds and stocks.

On the Fed front, odds of two-quarter-point rate cuts this year, starting in September,

move slightly higher. Skyler Wyan's

CIO at Reagan Capital says, the Fed is taking the summer off. They will come back in September

...