Markets are jittery as Europe dips while Asia mixes it up, but U.S. inflation surprise—better than expected—gives the Fed breathing room to pause on rate hikes. Oil rebounds sharply amid geopolitical drama, and Nigel Farage’s trash-can-beating win in Parliament adds a dash of chaos to market nerves. With inflation cooling slightly and oil prices swinging wildly, traders brace for a summer of uncertainty as the Fed weighs its next move.

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