A.M. Update- BAD CPI Reaction

Index futures did not like the CPI report. Total CPI rose 0.6% m/m in January (consensus +0.5%), as did core CPI (consensus +0.5%), which excludes food and energy. On a year-over-year basis, total CPI is up 7.5%- the highest since March 1982 (versus 7.0% in December) and core CPI is up 6.0% (versus 5.5% December). S&P…