Inflation is running sufficiently “hot” such that under just-appointed FedHead Warsh the FOMC “ought” raise rates per its next Policy Statement (17 June); on verra… At present, we’ve Copper as the sole BEGOS Market outside (below) its Neutral Zone for today, and session volatility is again light. The Spoo yesterday moved well-above volume-dominant Market Profile resistance at 7421: its current 7488 price is (in real-time) +516 points above its BEGOS Market Value, such equating the P/E of the S&P 500 to 49.5x, the Index itself yesterday completing a 25th consecutive session as “textbook overbought” whilst posting a record high at 7460. Our best correlation amongst the five primary BEGOS Markets is negative between the Bond and Oil. For the Econ Baro we await metrics including April’s Retail Sales and Ex/Im Prices, plus March’s Business Inventories.