Markets (^DJI, ^IXIC, ^GSPC) had a lot to digest today, with the release of the May CPI report in the morning followed up by the Federal Reserve's decision to maintain interest rates steady in the afternoon.

BNP Paribas Managing Director and Senior Multi-Asset Specialist Mark Howard joins Market Domination to provide his insights into market outlooks in the wake of these pivotal events.

Howard emphasizes that "the bigger news" was the inflation data rather than the Fed's expected rate policy, stating CPI "was the real mover" of markets. The report not only triggered a rally in tech stocks and provided relief to Treasury yields but also "opened the door perhaps to a September rate cut." Although the Fed signaled a potential rate cut in December, Howard suggests that "it was a positive day" overall for the markets.

"If we entered the day expecting three cuts, and we're leaving the day expecting just one cut, then we're that much closer to the rates actually not getting cut at all," Howard tells Yahoo Finance.

For more expert insight and the latest market action, click here to watch this full episode of Market Domination Overtime.

This post was written by Angel Smith