The "Hot Rate-Cut Summer" is officially dead. May's Personal Consumption Expenditures index — the Fed's preferred inflation gauge — hit 4.1%, the highest annual reading in over three years, with core PCE holding at 3.4%. Economists have stopped asking when the Fed will cut and started asking how soon it will hike. Markets broadly expect the Fed to hold steady at the July 16-17 meeting, but September is very much in play for a rate increase, according to pricing in...