Preview: Eyes will be on every detail of the May CPI report ...Middle East

Is the great inflation scare almost over? Or are we just warming up for the second chapter?Markets and Federal Reserve officials are on edge as they try to figure out where prices are headed next and if 5% Fed funds are too high, too low or just right. The stakes are especially high in Wednesday's US CPI report as it comes just a few hours before the FOMC decision and the latest update to the Fed dot plot. Ahead of the report, WSJ Fedwatcher Nick Timiraos highlighted that some Fed officials are likely to change their dots based on the data. They could show a consensus at one hike this year or (more likely) two.Here is the simple version of what's expected:Headline CPI +3.4% y/y and +0.1% m/m

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