Recent inflation readings, including May CPI at 3.8% and core PCE near 3.3%, have elevated Treasury yields and tempered expectations for near-term Fed easing, with the FOMC's June meeting under new Chair Kevin Warsh likely to hold the funds rate at 3.50-3.75%. The S&P 500, trading near 7,420-7,500 amid volatility from Middle East-driven oil spikes, has seen mixed momentum after May's 5%+ advance fueled by AI-related earnings. Traders are pricing limited upside into month-end given the short window to June 30 and risks from sticky price pressures or geopolitical flare-ups, while strong corporate fundamentals provide some support. Key upcoming releases include any final June data and the Fed statement itself.