The widespread falls in the prices of the main raw materials have not been reflected in the June inflation data, at least not yet. However, the market reaction has been interesting. When the figures were released, stock markets fell, Treasury yields rebounded, and the US Dollar strengthened. So far, everything is in order. This is the normal market movement after a high inflation figure that, in principle, should anticipate more aggressive interest rate hikes. But, immediately after, the market moved in the opposite direction. Treasury bond yields have turned around to levels before the release of the figure and even lower. The 10-year bond reached 2.93%, the US Dollar has weakened, and the American indices have recovered all the initial losses, albeit with quite a bit of volatility, with constant ups and downs, but more importantly, leaving the downward pressure behind.