1. The CPI report showed weaker than expected figures, indicating a slowdown in nominal growth and potentially pushing the US economy closer to recession. 2. Slower nominal growth due to changing inflation trends could impact earnings and sales growth in the S&P 500. 3. Lower inflation rates and slowing money velocity suggest that earnings estimates may be too high, and companies may lose pricing power.

1. The 10Y yield is in the 4.25-4.30% range, seeking a reason to decline. The CPI report will determine the direction, with expectations for lower yields. 2. Eurozone markets do not anticipate a rate-cutting cycle, contrasting with the US. 3. Services sector inflation remains a concern, needing further calming.