There was a time when a calmer CPI would lead to a broad, sustained rally in risk assets but after a brief pop in S&P 500 futures, they’re right back to where they were before the report.

Bonds and FX similarly moved and then unwound.

I think the market is focused on tariffs at the moment rather than inflation. Europe placing retaliatory tariffs following the US steel/aluminum tariffs have markets worried about escalation.