Headline was 0.5% m/m as expected, keeping the y/y rate at a 13-year high of 5.4%, and core CPI was 0.3% m/m vs. 0.4% expected and 4.3% y/y. With the over-used argument that the prices of over-used cars are now starting to come down, market opinion was that inflation is now moderating: whether these data captured the surge in rents being seen in the US did not matter. Following the print, US 10-year Treasury yields dropped from 1.38% to 1.31%, closing at 1.33%. One cannot call that a sea-change given that despite the recent move higher in yields the "transitory" meme remained permanent. However, there are moves afoot across the sea and on it that will surely impact the inflation outlook ahead.