CPI inflation rose a whopping 1% in May and is up 8.6% Y-o-Y, it’s fastest pace since 12/81! Worse, inflation is increasingly broad-based. Y-o-Y, groceries are up 11.9%, their fastest rise since 1979. Services, 45% of GDP, are rising at 5.7% Y-o-Y, their fastest pace since 3/91 and have risen steadily since 8/21. The Fed will probably raise rates faster given this report. A soft-landing looks increasingly elusive.