CPI Preview: "Fed Is Between A Rock And A Hard Place Right Now"

"I’m confident that CPI will be in good shape next week." - Joe Biden, March 10

As we said earlier today, and as Goldman trader John Flood echoes in his afternoon market wrap (available to pro subs), "just 1 week ago it would have been hard to imagine anyone asking if the CPI print even matters. Oh how quickly things change." This makes Flood believe that "risk is skewed meaningfully to the downside tomorrow" because unless we get a shockingly hot number - which we won't as the plunge in 1Yr inflation expectations in today's NY Fed consumer survey very strongly hinted - "market will remain more focused on unfolding banks drama" while "a soft print will be disregarded as not relevant."

What does Wall Street expect: