The Dollar Is Getting Clobbered Today

CPI rose by 4.8%, which is an improvement, too, over the 5.3% for the prior month. But remember, it's the so-called core that the Fed is most concerned about. We are nowhere near 2%. That's what the market doesn't seem to understand. The minute the markets perceive a window of opportunity for the Fed to be easier in its monetary policy, you get sharp movements in the US dollar.