Neither Dollar Nor Stocks Respond to NY Fed’s Inflation Expectations Like CPI, So What Now?

The US CPI release last week was undoubtedly one of the most market-moving events we have seen for the market in a while. It would seem with the response from the Dollar and risk assets that there is a hyper-sensitivity to inflation, yet we didn’t see that after the New York Fed’s relaying US consumer inflation expectations. So what should we watch to move the market’s ahead?