A lower-than-expected inflation report for May ignited a bullish frenzy on Wall Street, with investors increasing their bets on rate cuts, bolstered by growing confidence that the Federal Reserve will ease its policy stance later this year as price pressures trend towards the 2% target. The Consumer Price Index (CPI) data revealed cooler-than-anticipated monthly and annual inflation rates for both headline and core items. This report arrives just ahead of the highly anticipated Federal Open Market Committee (FOMC) meeting, which will commence at 2:00 p.m. ET today. The implied probability of a rate cut by September has surged to 72%, up from 54% before the inflation report. Fed futures now indicate a 55 basis points reduction (equivalent to two rate cuts) by year-end. In response to rising expectations for rate cuts, traders quickly pivoted to riskier assets. The tech-heavy Nasdaq 100 climbed 1.4% to over 19,400 points, setting new record highs. The S&P 500 Index increased by 1.1% to surpass 5,400 points, also achieving fresh all-time highs. Blue-chip stocks saw a modest rise of 0.2%, but the standout performance came from small caps. The iShares Russell 2000 ETF (NYSE:IWM) surged 2.7%, marking its best session since mid-December ...