The headline CPI figure was good; it subsided substantially on an MoM and YoY basis and suggests the Fed’s work is done. Even so, if the Fed acts as the FedWath Tool suggests, the core FOMC rate will be above 5.0% at the end of the year, which is not priced into the market. The post-CPI S&P 500 futures action was volatile and mixed but left the market moving higher by the opening bell.