It's not hard to imagine a scenario wherein core CPI prints a market-friendly 0.1 or 0.2, albeit with another nasty headline reading, and risk assets soar. What to do, then, if industrial production and especially capacity utilization are much higher than expected, and if Michigan survey inflation expectations take a decidedly upward tilt? The people who buy bonds at 5.17 could easily end up selling them back at 5.25.
So while the temptation is there to trade on CPI, regardless of the outcome, prudence probably dictates waiting for the remainder of the data before pulling any execution triggers. Macro Man, for one, would rather incur some degree of opportunity cost than take another ride on the Whipsaw Express.