US CPI vs. Fed tone – what's priced in now?

The latest CPI print came in a bit hotter than many expected, and it's interesting to see the market's reaction, especially with the Fed's commentary still leaning hawkish. It feels like we're in a tug-of-war between the data and the central bank's commitment to inflation targeting, and that tension is definitely affecting how I'm looking at potential plays in both equities and FX. Specifically, I'm watching $USDZAR; the rate differential narrative gets a bit more complex when US inflation keeps surprising.