The US CPI report is starting to look like more of a bad dream than a game changer. The initial market reaction was nightmarish with nowhere to hide but now virtually all those moves have been wiped out.The US dollar is largely where it was before the report and would probably be back if not for the weak UK GDP report today, a dip in oil prices and a weakening Japanese economy.Here's a quick recap of where things are compared to pre-CPI on Tuesday:S&P 500 now at 5004 vs 5020 Nasdaq now at 15,795 vs 15,950 Russell 2000 at 2032 now vs 2046US 10-year 4.24% now 4.16% Gold at $2001 vs $2028 Euro 1.0754 vs 1.0790This begs the question about where these assets should be? The Fed funds futures marke
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