#CPIWatch: The U.S. Consumer Price Index is back in focus as a key macro trigger. Headline inflation has shown some cooling, but core inflation (especially services and housing) remains stubbornly high. Market watchers stress that any surprise in CPI will have immediate impact: higher-than-expected CPI means the Fed must stay cautious on rates, while a surprisingly low CPI print would give risk assets relief. In short, markets remain “hostage” to each CPI release.