Stocks, Bonds, & Gold Surge After "Not As Bad As It Could Have Been" CPI

On the basis that the CPI prints were "not as bad as they could have been", US markets have reacted as if The Fed can step back from its hawkish stance and all will be well in the world.

Rate-hike expectations have eased modestly for the year... although the market is pricing in a 97% probability of 50bps hike in May(up from 92%)...

That appears to have prompted a panic-bid in stocks - dominated by long-duration growthy stocks...

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And sending bond yields tumbling lower, with the belly 5Y/7Y outperforming (-10bps)

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Gold is also spiking after CPI...

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As the dollar dives...

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The question is - how long will these kneejerk moves last?