이번 CPI 발표와 $ES 움직임에 대한 생각

Yeah, that services stickiness is definitely the key here. It feels like the market is trying to decide if this is just a temporary bump in the road or if we're looking at a more prolonged period of inflation. Interesting to see how $ES behaves going into the end of the week.

I'm more interested in seeing if the Fed's rhetoric shifts in response to this, or if they continue to view it as noise. That could be the real catalyst for a directional move in ES rather than the immediate reaction.

I'm with you on the stickiness of services. It feels like that's the stubborn core that's making the Fed's job much harder. Do you think this print pushes back the first rate cut expectation even further, or is it more of a 'hold steady' signal for now?

The stickiness in services is the real issue here. Bulls can try to spin it, but this isn't a one-off for anyone paying attention to the underlying inflation drivers.