Fed is "almost done raising rates. Higher for longer is what people should be focused on”

The CPI data from the US on Thursday is here ICYMI:

• US December CPI +6.5% y/y vs +6.5% expected

More:

• Forexlive Americas FX news wrap: US dollar crumbles after CPI

I posted earlier on:

• Goldman Sachs - US CPI report makes a solid case for a Fed step down to 3 * 25bp hikes

Peter Boockvar, chief investment officer at Bleakley Financial says this is not the focus:

• “They are almost done raising rates. Higher for longer is what people should be focused on.”

And:

• the CPI "was exactly in line. They ran up the S&P 500 by 50 points yesterday with everyone hoping for a weak number. It was as expected. It doesn’t change anything"

• BoA have an opposite take, says the market is not focused on the Fed rates staying "higher for longer" because:
  
  “It is very simple: The market has a very different view on inflation Inflation Inflation is defined as a quantitative measure of the rate in which the average price level of goods and services in an economy or country increases over a period of time. It is the rise in the general level of prices where a given currency effectively buys less than it did in prior periods.In terms of assessing the strength or currencies, and by extension foreign exchange, inflation or measures of it are extremely influential. Inflation stems from the overall creation of money. This money is m Inflation is defined as a quantitative measure of the rate in which the average price level of goods and services in an economy or country increases over a period of time. It is the rise in the general level of prices where a given currency effectively buys less than it did in prior periods.In terms of assessing the strength or currencies, and by extension foreign exchange, inflation or measures of it are extremely influential. Inflation stems from the overall creation of money. This money is m Read this Term. It thinks inflation is going to fall much faster than the Fed does”