These things happen...  While it's true that CPI is one of the two hardest-hitting economic reports (the other being the jobs report), it's also true that the data needs to come in higher or lower than expected in order to see the movement.  This morning's key line item, core month-over month CPI, was right in line with the forecast of 0.2.  Even then, we still saw some initial movement due to some of the underlying data although that move has now been erased with help from early stock market weakness (the "something else" in the chart below).