The Consumer Price Index monthly report came out today, and it matched expectations.
The market apparently embraced this news, jolting everything instantly higher. The ES, for example, shot up about twenty points. I guess the approach of the long-heralded 2% Fed inflation target is exciting to the bulls.
I suggest keeping an eye on the bigger picture, however. Here is a 1-hour chart of the ES, as opposed to the 1-minute chart shown above. Spike or no spike, the more general movement in recent weeks has been one of price degradation.
