A 0.1% MoM miss in Headline CPI and continued slowing in Core CPI was all the algos needed to 'buy all the things'.
The initial reaction to this morning's data was a surge in rate-cut expectations - two cuts fully priced back in for 2024 and more than three more cuts priced in for 2025.
..
Source: Bloomberg
That sent stocks soaring...
...and TSY yields tumbling with 10Y erasing all of its increase since the last CPI print...
Source: Bloomberg
Gold is rising - from its pre April CPI level...
Source: Bloomberg
As the dollar dived back towards pre-April CPI...
Source: Bloomberg
Bitcoin rose on the cool CPI...
Source: Bloomberg
Of course, it's still early in the day...