Inflation finally surprised markets in good way, and traders are understandably enthusiastic that the worst price pressures may finally be in the rear-view mirror. But the true turn for the better will come when inflation ceases to be shocking altogether — positively or negatively — and can fade…

The Federal Reserve’s runway for raising interest rates to tackle the worst inflation in 40 years just got a little bit longer after a Labor Department report Friday showed unemployment remained near generational lows in June. That means the Fed is likely to deliver on another 75-basis-point…