Institutional analysis believes that the slight optimism brought by the CPI data may be hit because the overall PPI and the PPI excluding food and energy have risen more than expected. In addition, significant upward revisions were made to previous PPI data, making the year-on-year indicators more erroneous. Data scientists need to study the details carefully and comb the components of PCE inflation. However, at first glance, as the preferred inflation indicator of the Fed, the changes in PCE will not be as friendly as implied by yesterday's CPI data. Perhaps, a more significant response from the bond market is waiting for PCE data, but at first glance, the rebound in bond yields is entirely understandable.