All eyes on CPIAt the end of the day, you need to defer to the bond market.
US 10-year yields are at 1.925% and yesterday's auction showed very strong demand. The Fed still has its thumb on the scale but that's not a market that's pricing in runaway inflation.
There's a collective hysteria ongoing about inflation
Source: All eyes on CPI (https://www.forexlive.com/news/all-eyes-on-cpi-20220210/)
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