Heading into today's CPI data, our stance was that we'd need to see the monthly core number come in at 0.1 vs 0.3 in order to see much of a friendly response, and that is exactly what's playing out.  If markets weren't taking inflation with a grain of salt at the moment, this would likely be worth a much bigger response.  As it stands, Fed Funds Futures didn't even erase the spike seen after last Friday's jobs report, and 10yr yields only dropped to 4.42 before bouncing--well short of the 4.39 pre-NFP levels.