Sunday's cheat sheet called for a slow build to Wednesday — quiet Monday, minor data Tuesday, then May CPI as the week's main event. Two sessions in, the script is broadly right, but two things have changed that matter a lot for how you read Wednesday's number. First, the Monday-Tuesday sequence delivered a near-complete whipsaw: chip stocks bounced hard Monday (+10% for Micron, solid gains for Nvidia and Broadcom) as Iran and Israel both announced a halt to hostilities, and the S&P 500 closed higher. Then Tuesday reversed most of it. Trump's comments suggesting new Iran strikes could be coming sent the S&P 500 into a sharp intraday plunge to 7,238 before buyers stepped back in — the index has partially recovered, but tech is still bleeding. Second — and this is the more important update — the May CPI consensus has shifted significantly since Sunday. Wall Street is now expecting headline inflation to rise 0.5% month-over-month and 4.2% year-over-year. That's higher than what Sunday's cheat sheet defined as a "hot" print (0.4%+). In other words, the goalposts moved. A 0.4% monthly read on Wednesday would now likely feel like a relief to markets, not a rate-hike trigger. The framework needs to re-anchor to that new consensus before Wednesday's print lands at 8:30 AM ET.