Fed's messaging on rates post-CPI

Watching the Fed's tone following that CPI print last week. While the headline number wasn't entirely unexpected, the core inflation component still has some sticky elements that I think are going to keep the doves at bay for a bit longer. My read is we're looking at a continued 'higher for longer' narrative, perhaps with a slight softening of the most aggressive hiking rhetoric, but certainly no pivot yet. This sustained hawkish lean keeps me cautious on growth stocks; I'm still favoring defensive plays and looking for dips in quality names that can weather an extended period of tighter money. The $COMP at 11.74, down 2.17% today, with a daily range of 11.66-12.025, seems to reflect some of this underlying tension in the market, though I wonder if there's still more downside if rate cut expectations get pushed out further.