Financial markets are on edge, worried about an upward surprise in the CPI index after the May jobs report showed a resilient labor market, said Jim Reed, economist at Deutsche Bank. "We know that markets are attuned to hawkish risk after the reaction on Friday, so an upside surprise could cause trouble given how febrile markets have been recently," Reed said, in a note to clients. Economist are expecting a 0.5% rise in the CPI index in May and a 0.3% rise in core prices.