Inflation soared to 9.1% in June, the fastest pace in 41 years. So why is the 10-year yield actually down today?

We’ll look at the market-based inflation signals that have been dropping sharply, and could stay under pressure if the Fed does another large hike.

Plus, David Zervos says the Fed has won “uber credibility” from their 75bps hike last month. But what do they need to do to keep that credibility? We’ll ask him.

And, now that the CPI number is out of the way, markets can focus on earnings. We’ll get you ready for all the big names reporting tomorrow in Earnings Exchange.