NY Fed underlying inflation gauge 3.5% vs 4.0% prior

• May underlying inflation 3.5% vs 4.0% prior
• Prices-only measure 3.0% vs 3.4% prior
• 12-month change 4.0% vs 4.9% prior

The market is saying the same thing as these numbers -- inflation is heading lower and there's no reason to expect that to change.