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#CPIWatch 📊• Wall Street opened higher: S&P 500 and Nasdaq futures extended gains after the data, interpreting that the slowdown in core inflation (0.2% monthly) alleviates pressure on the Fed to raise or maintain high rates ​​. • 'Growth' sectors (technology, discretionary consumption) lead advances, while banks slightly deflate amid lower expectations of high rates. Bond market
• The 10-year T-note fell from 4.18% to 4.12% as soon as the figure was known: investors anticipate up to two cuts of 25 bps by the Fed in 2025 (September and December) if the trend is confirmed. Dollar and commodities
• The dollar index lost 0.3% against the euro and yen: a CPI that does not spike upwards reduces the attractiveness of the currency.
• Gold rose 0.5% (a refuge if cuts are anticipated) and oil remained stable, because the part of the monthly CPI increase came from energy ​​.4. Trump tariff narrative
• Although the 2.7% annual rate partially reflects the initial impact of the tariffs, economists believe the full effect will arrive in July-August; however, markets prefer to focus on the 'soft' part of the data (core excluding energy/food stable) ​​. In summary, markets have 'bought' the idea that the CPI increase is more a reflection of energy and specific tariffs rather than widespread pressures, which is why stocks rise and yields fall ​​.