Treasury prices are lower this morning as investors digest headlines from the U.S./North Korea summit and May CPI. The summit concluded positively with a commitment to denuclearize the Korean peninsula, but there was little/nothing provided with regards to the specific details of the agreement. As such, there hasn’t been much of a reaction in global equities to this point (S&P 500 futures essentially unchanged). On the data front, the May CPI report was in line with expectations, revealing core consumer price growth at 0.2% m/m and 2.2% y/y. This is the highest year-over-year core rate since February 2017, and if anything, it further solidifies market expectations for a Fed rate hike tomorrow. The NFIB Small Business Optimism Index surged 3 points in May to the highest level since 1983 (second highest reading in 45-year index history). The May report included several record readings, including 35% of survey participants reporting compensation increases, and earnings/sales trends and expansion plans set survey records as well.