CPI Preview... But Does Anyone Care?

Tomorrow is CPI day... but does anyone really care? After today's almost 10% surge in the S&P500, option straddles are pricing in a "paltry" 2.3% move through tomorrow's post-CPI close.

With China just reported yet another CPI and PPI miss (CPI -0.1% YoY, Exp. 0.0%, PPPI -2.5% YoY, Exp. -2.3%), here is what consensus expects from tomorrow's CPI report:

• March headline CPI 0.1% MoM, down from 0.2% in February, but March