Editorial companion

What stands out

On a day CNBC closed the tape with stocks lower and fuel prices surging, the obvious story was energy shoving its hand into the market's mood right before a key inflation print. Jessica Ettinger walked through how rising fuel costs amplify headline Consumer Price Index (CPI) readings and complicate the Federal Reserve's tradeoff between growth and price stability. When a few barrels of oil move, headline inflation and short-term rate expectations move with them, and traders reassess risk in a hurry.