Well this is pretty interesting.

The dollar was riding high heading into the Fed meeting on Wednesday. Recall that Tuesday marked the seventh consecutive day of gains for the greenback which has been buoyed by optimism around the tax bill and the promise of another Fed hike:

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But the shocking Tuesday evening victory for Democrat Doug Jones in the Alabama special election for Jeff Sessions’ vacated Senate seat threw a monkey wrench in things and now, core CPI has missed. Here are the numbers, just out:

• U.S. NOV. CONSUMER PRICES RISE 0.4%; CORE INDEX UP 0.1%
• U.S. NOV. CORE CONSUMER PRICES RISE 1.7% Y/Y; EST. 1.8%
• U.S. NOV. CONSUMER PRICES INCREASE 2.2 % FROM YEAR AGO

Have a look at the reaction:

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And here’s 10Y yields:

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All we “need” now is a hint of dissent on taxes and a dovish Yellen to trigger an abrupt reversal of fortunes for a greenback that only recently seemed to find its footing after a truly abysmal year.