Just caught the market's reaction to the January inflation numbers and it's pretty interesting. The CPI came in softer than expected at 0.2% versus the forecast of 0.3%, and traders are definitely pricing in some Fed easing possibilities now. Rate futures are showing around 61 basis points of potential cuts by June, up from 58 basis points before the data dropped. That's a pretty noticeable shift in expectations even if it's just a few basis points move. December's print was 0.3% for context, so you're seeing a clear deceleration trend. The market's basically saying if inflation keeps cooling like this, the Fed might have more room to cut sooner than people thought a few days ago. Interesting to see how much these small data surprises can move the needle on rate expectations.