Former Boston Fed President Eric Rosengren, who retired after trading misconduct, is still thinking about markets.
"Market overreacted to the CPI report. While above analysts expectation, monetary policy is not set to analyst expectations. Nothing in the report indicates anything other than a continued trend towards lower inflation"
I don't think that's any kind of revelation but it might be a hint of what we will hear from Fed officials today.
For what it's worth, the Fed funds futures market is pricing in 92 bps in cuts this year compared to 111 bps before CPI.
