Editorial companion

What stands out

Consumer Price Index (CPI) printed in line with estimates and the market reacted like someone who expected rain but brought an umbrella anyway, stocks rose and immediate panic eased. Kevin Hincks notes the headline calm hides a messy interior, because components such as energy and shelter still move markets. This clip matters since a tame headline can lower near-term Federal Reserve (Fed) tightening odds, while crude and the Strait of Hormuz remain ready to rewrite the script overnight.