May CPI came in at +0.5% month-over-month and 4.2% year-over-year — the largest annual gain in three years — driven by an energy surge tied to the Iran-US escalation. The Nasdaq fell over 2% intraday and the Fed now heads into its June 16-17 meeting with every reason to hold at 3.5-3.75% into 2027. What this means for portfolios, borrowers, and operators pricing their next 12 months.