Is CPI really the market mover everyone thinks it is, or just a lagging indicator for policy?

I'm still trying to wrap my head around how much the market reacts to CPI prints, when arguably, price action often tells a clearer, more immediate story about sentiment and flows. What am I missing here; am I underestimating its predictive power, or is it more about policy reaction than direct market impact?

$SPCX is up +6.14% today, sitting at 114.92, while $ETHUSD barely budged, up only +0.45% at 1910.75, which makes me think maybe macro data isn't as universally impactful as some assume. Convince me I'm wrong.