Commodity currencies lead the comeback
AUD, NZD and GBP are nearly back to pre-CPI levels against the US dollar.
AUD/USD
The bond market has given back the CPI move and the S&P 500 is down just 2 points after futures fell as much as 21 on the headlines.
There's an interplay between the Fed, other central banks, growth and inflation that's tough to pin down at the moment. You can make the case that this is good for the reflation trade if you're confident the Fed won't hike early on the data.
