Ok, so it didn’t take long for the dollar and yields to reverse course and catch up (literally) to the post-CPI bump in equity futs.

The greenback and yields understandably nosedived following (another) lackluster inflation print, but apparently everything is now going to get pulled higher by the cash open in stocks.

Here’s the dollar:

And here’s USD/JPY (which is particularly hilarious):

Same thing in Treasurys:

Gold has given it all back and then some:

At least one FI strategist ain’t buying it.

“The CPI number pretty much puts the nail in the coffin for 2017 hikes,” Janney Montgomery Scott’s Guy Lebas says, adding that although “you can pin some of it to one-off causes, that argument is getting thinner the more this persists.”