What is CPI, and why does the market care about it?

One inflation number can change the market’s entire rate outlook.

But here’s the part investors often miss: the number itself isn’t the whole story. What matters is whether it beats, misses, or matches what the market was already expecting.

That’s why CPI day can turn into a very different story for stocks, bonds and the dollar within minutes.

Would you rather see inflation come in below expectations or interest rates stay higher for longer?