CPI sparked a rally in bonds and stocks this morning that lasted until the Fed. The “dots” pushed one rate cut from this year into the next. Largely expected, especially since the dots didn’t have today’s CPI print. Powell apparently wasn’t as dovish as the market had priced in, as stocks and bonds both gave up some gains as the press conference ended. He did seem to focus more on jobs than inflation (this makes sense, as avoiding a recession in an election year is likely high on his priority list). The media and Powell seemed as confused by Friday’s ... We learned more from CPI than the Fed?