The U.S. equity market is now responding with renewed optimism following the release of May's CPI data, which showed inflation trending below expectations. This surprising relief on the inflation front has pushed futures higher, easing some of the tension that had gripped markets earlier in the week. Previously weighed down by uncertainty surrounding the U.S.-China trade dynamic and the looming CPI print, investor sentiment has now shifted. The data has tempered inflationary concerns, allowing markets to momentarily look past geopolitical ambiguity and focus on the potential for a less aggressive monetary stance going forward.