• The June inflation report came in better than expected, with the yearly rate falling sharply from May thanks mostly to cheaper energy.
• Gas and oil prices dropped after the Iran war calmed down through late June, which pulled inflation down.
• Stocks, bonds, gold, and crypto all rose because lower inflation means less pressure on the Fed to raise rates.
• The odds of a rate hike at the Fed's late-July meeting fell hard, though the market still expects rates to be higher by year end — a rate cut is seen as off the table for now.
• One catch: prices are still rising, just more slowly, and the money supply is growing faster than the official inflation figure suggests.

Outlook: Inflation and rate expectations now hinge mostly on the Iran situation — fresh fighting since late June could push energy prices and inflation back up in next month's report.