BREAKING: Financial conditions in America just hit their easiest level since February 2026. The Index of US Financial Conditions is up to roughly 1.2 points. Near the highest reading in at least 11 years. Since 2015, this level has only shown up twice before. Early 2025. And 2021, right before the Fed started hiking. Both times preceded a tightening cycle, not a soft landing. The index has risen over 1.0 points since the March low. Driven almost entirely by rising equity markets and falling corporate bond spreads. Here's the part that doesn't add up. Inflation has been climbing. Oil above $100. Gas up 38% since February. Normally rising inflation tightens conditions. Instead, conditions are easing at the fastest pace in years. Stocks going up. Credit getting cheaper. While inflation runs hot. That combination has shown up before 2021's hiking cycle. It's showing up again now.