US CPI released on Tuesday failed to impress markets and the dollar barely moved. The May report showed headline inflation rose to 0.2% m/m as expected. The results however reinforce the view that the Fed will continue to hike rates. The question is how many rate hikes this year? Today, the Fed is largely expected to show a 25bps increase. We saw a rally in USDJPY early today, with a break above 110 yen.