SD Ventures CIO Alexander Lis said US CPI broadly matched market expectations, with both headline YoY and core readings roughly as forecast. The print was not strong but also insufficient to reassure markets. This was the final inflation release ahead of the next FOMC meeting, so the key variable is the Fed’s reaction. Next week should show whether inflation is high enough to prompt the Fed to signal a possible rate hike; that signal could set market direction for months.