Unsure of what to make of the US CPI data yesterday?

There was plenty of anticipation going into yesterday's US CPI data release yesterday and markets were hoping that it would provide some form of trigger for a trending move. However, that wasn't the case as traders struggled to digest the readings and the details that accompanied the report. Here's a look at how the S&P 500 performed after having opened lower:

Eventually, the index closed more or less flat amid a slight dip at the end. And since then, US futures have been trending lower with S&P 500 futures now down 19 points, or 0.5%, on the day. That is keeping the dollar in a more solid spot, with USD/JPY USD/JPY The USD/JPY is the currency pair encompassing the dollar of the United States of America (symbol $, code USD), and the Japanese yen of Japan (symbol ¥, code JPY). The pair’s rate indicates how many Japanese yen are needed in order to purchase one US dollar. For example, when the USD/JPY is trading at 100.00, it means 1 US dollar is equivalent to 100 Japanese yen. The US dollar (USD) is the world’s most traded currency, whilst the Japanese yen is the world’s third most traded currency, resulting The USD/JPY is the currency pair encompassing the dollar of the United States of America (symbol $, code USD), and the Japanese yen of Japan (symbol ¥, code JPY). The pair’s rate indicates how many Japanese yen are needed in order to purchase one US dollar. For example, when the USD/JPY is trading at 100.00, it means 1 US dollar is equivalent to 100 Japanese yen. The US dollar (USD) is the world’s most traded currency, whilst the Japanese yen is the world’s third most traded currency, resulting Read this Term even breaching back above 133.00 in overnight trading.

So, what exactly are traders inferring from the US CPI data yesterday? In the big picture, I would say not much, to be honest. Here's my personal thoughts from yesterday following the data release: