Well, there you go folks.

CPI blew through estimates and it looks like everyone’s worst fears were realized – at least temporarily – when it comes to the knock-on effect for bonds and equities.

10Y yields are rising fast (although maybe not as dramatically as you’d think):

And the knee-jerk in stocks was “big league”.

Dow futures plunged 500 points on the print before pairing losses:

And here’s ES:

And Nasdaq futs:

Across the pond, the reaction was swift and predictable:

More to come (of course, because you know, we’ve got to pile on).

BREAKING: pic.twitter.com/00AAjEg4Vn

— Ivan the K™ (@IvanTheK) February 14, 2018