Is the CPI a Hotter Than Expected Read?

We got a hotter than expected read on business level inflation, yet the market seemed to shrug it off at least until the last couple of hours. I was very surprised that it was hot and I was surprised that the reaction wasn't way worse than this. The prices that hit consumers are the ones that matter longer term in terms of being the economic engine of the economy. In 2023, I really think we're going to hold at higher interest rates. If we're cutting, that means that things have gone really wrong. That's not really great for equity markets either.