S&P 500 futures add slightly to gains, yields churn after in-line CPI

Regarding the inflation data, Robert Pavlik, senior portfolio manager at Dakota Wealth in Fairfield, Connecticut, told Reuters:

"The numbers came in right in line. The market's reaction is slightly positive because the market was fearful it was going to come in worse than it did. You're seeing a market thinking that the Fed is not being pushed toward a rate hike. This adds on to Friday's nonfarm payrolls report and it relieves some of the concerns that the Fed is being pushed toward a rate hike due to inflation, which is being fueled by higher energy prices."

Pavlik added, "It's probably a decent report. I wouldn't call it great ... The market is still worried about inflation. It's hand in hand with what's going on with the war because the war is fueling inflation. The market is extremely concerned about this issue. If you didn't have the war you wouldn't have this kind of inflation. It would be showing signs of moderating."