The numbers improved. The conditions underneath them remain unstable.
What changed: A favorable CPI print briefly eased financial pressure, but renewed energy conflict makes the relief fragile.
Who feels it first: Drivers, renters and would-be buyers, heat-sensitive and disabled people, outdoor workers, and households with little margin for another fuel or utility spike.
Planning adjustment: No broad pivot. Keep near-term household assumptions conservative; watch oil, gasoline, and late-July heat rather than extrapolating from one CPI report...