Woofun AI notes that SignatureFD’s Tony Welch argues the market has overestimated the likelihood of a Federal Reserve rate hike following weak June CPI data. While futures imply low probability for a June increase, CME data retains the possibility of at least one hike this year. Welch asserts inflation is trending downward despite fuel price volatility, noting no signs of wage growth capable of sustaining broad-based inflation. He anticipates Fed Chair Walsh will use commentary to stabilize expectations near the 2% target.