As of Friday, June 12, 2026, the S&P 500 closed at 7,431.46 — a modest +0.4% gain on the week. The May CPI report (June 10) printed +0.5% MoM headline/+4.2% YoY, with core at +0.2% MoM/+2.9% YoY (BLS) — a hot headline driven by energy (+3.9% MoM), with an in-line core providing partial offset. Oil fell $91.30 → $84.88 (-7%) as the Iran premium faded. The VIX declined to 17.68 by Friday. The FOMC meets June 16–17; the desk expects a hold at 3.50%–3.75% with Chair Warsh's press conference shaping expectations. Targets: 1-month 7,500 (+0.9%), 3-month 7,600 (+2.3%), year-end 7,800 (+5.0%). The structural uptrend remains intact.