With the increasingly real conversation about raising rates at the Fed, inflation is rapidly becoming a market mover again after taking at least 4 years off. Today’s reaction to CPI is one of the biggest we’ve seen to inflation data recently. Although the headline numbers were in line with expectations, Core CPI (which factors out the more volatile food and energy prices) fell to +0.1 from last month’s +0.3. Forecasts called for +0.2.