Why June CPI is going to be a big moment for stock market bulls, according to Fundstrat's Tom Lee

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• The June CPI report will show a continued drop in inflation, according to Fundstrat's Tom Lee.
• Lee expects a soft June CPI report will push the Fed to cut rates more than two times this year.
• "It's going to be a week of reckoning, and I mean a reckoning of how people view inflation and the state of the economy."

The release of the June consumer price index report Thursday morning will be a "reckoning" for investors who expect a second wave of inflation.