Wild CPI Fireworks Leave Traders Asking What Year It Is

If the Fed was nervous about the prospect of easier financial conditions in the face of softer macro data, their consternation level was perhaps higher on the heels of Tuesday's benign CPI report. To be clear, they may not be nervous. The inflation update was an unequivocally constructive development, and cooler-than-expected reads on both core and supercore doubtlessly take precedence over the potentially counterproductive reaction across markets. Still, I'd be remiss not to note that Tuesday