 Global risk sentiment remains firm heading into the weekend, with both S&P 500 and NASDAQ pushing near record highs overnight. Asian markets followed suit, with Japan’s Nikkei breaking above the symbolic 40k mark, extending its robust rally driven by AI optimism and strong corporate earnings. The bullish tone persists despite persistent warnings from Fed officials that a July rate cut is unlikely. Instead, Fed’s consistent message of "not now, but likely later" is reinforcing market hopes that easing will resume by fall. Most policymakers continue to emphasize patience due to tariff-related inflation risks, yet concede that inflation appears to be trending back toward target. This dovish tilt later in the year is offering enough support for equity bulls to stay in control. Traders are now squarely focused on May’s US PCE inflation release. A modest rise is expected, with headline PCE set to climb to 2.3% and core PCE to 2.6%. A soft reading would further cement the case for September easing, while any significant surprise to the upside could temporarily dampen sentiment. For now, though, investors appear optimistic that inflation remains manageable....... | 
