US CPI came in hotter than expectations and now suddenly its not a question of when the next rate cut might happen. It is an if it would even happen. We still don't know how the new FED chair Warsh is like and his work style as market start to price in concerns of a rate hike instead. Yet the S&P remained relatively strong with the assurance from Trump, signalling that the stock market continues to trade on Trump's words more than fundamentals.