Despite soaring Services inflation, rate-hike expectations are falling after the headline and core CPI print as expected...

And after an initially disappointing drop, US equities are spiking higher...

Update - Stocks reversing now...

Treasury yields are tumbling...

Dollar weakness is accelerating...

And gold topped $1900...

Cue the hawkish FedSpeak to jawbone financial conditions back from Jackson Hole lows...

Is this the "unwarranted" easing The Fed warned about?