Yuuuge Inflation Print Sends Dollar, March Odds, Yields Soaring

Going into the week it was all about two things: Yellen on Capitol Hill and Wednesday's CPI print. Both had the potential to change the way the market views the reflation narrative and the stakes were raised after last week's "phenomenal" tax plan promise put the Trump trade squarely back in play. Here were the expectations for this morning's inflation data (via Bloomberg): CPI 0.3% m/m; range 0.1% to 0.4% (85 estimates) Core CPI 0.2% m/m; range 0.2% to 0.3% (83 estimates) CPI 2.4% y/y; r