After a blockbuster jobs report cast doubt over Federal Reserve rate cuts and pushed Treasury yields higher at the start of the month, investors finally caught a break last week. Although wages are still rising rapidly, the latest inflation reports – the Consumer Price Index (CPI) and the Producer Price Index (PPI) – showed more disinflation than previously anticipated. The 10-year Treasury yield plunged 11 basis points, and mortgage rates fell even more on the news. The headline CPI in May was unchanged from the prior month. The annual increase in the CPI is now 3.3%, easing from 3.4% in Apri…