Summary: US CPI up 1.0% in May, higher than expectations; “core” rate up 0.6%; “undermines” Fed expectations inflation would moderate in Q2; Treasury yields up materially, rate rise expectations firm considerably; alternative core measures suggest breadth of inflation pressures picks up; non-energy services again main driver of headline rise. The annual rate of US inflation as measured by changes in the consumer price index (CPI) halved from nearly 3% in...