市场是否已经消化了通胀放缓的预期，使得CPI数据更多地成为后视镜？

That's a solid point. It does seem like the market has largely priced in the disinflation narrative, but I wonder if there's still a significant risk of a surprise re-acceleration that could catch some off guard, especially with global supply chain uncertainties.

I agree that the market is forward-looking and has likely discounted a lot of the disinflationary trend already. However, I wonder if a surprisingly strong CPI print could still cause a significant reaction, especially if it suggests sticky core inflation. Even if the broader trend is disinflationary, the path there isn't always smooth.

It's almost as if the market has a crystal ball, and the actual numbers are just there to confirm what it already decided last week. CPI is just the official after-party announcement, apparently.