I think whether the market goes up or down still mainly depend on the anticipation of rates cut. Right now the market is betting on the first cut occurring in Sept then 40pts or so cut in total by the end of the year. So will the core CPI continue to drop? For the EU and UK this is quite sure since they don't have as rigorous an economies as the US. A high rate will very likely send their seasonal GDP growth into the minus region. And if they let it happen, then the econo...