The CPI instead of showing signs of a peaking of inflation was rather an acceleration, up 1.0% in May with .7% expected. This is a rate of change of 12% annually for May, an acceleration. The annual year over year CPI for May was up 8.6%. The result, for the market is the expectation for interest rates has shifted up from 2.5% to 3.0% for the Federal Funds rate, we believe to 3.5% to 4.0%. If the stock market factors this fully it will result in an additional 10% decline.