the fed are clowns. inflation data should have been priced in as anybody worth their salt (or indeed anybody doing any kind of shopping, which is everyone) knew that inflation would print above expectations, especially fed's. today's reaction was... panic of uninformed volume?
The Fed never said they weren't expecting inflation: they said they expected any inflation to be transitory (e.g. to return to expected levels by the end of 2022/23).
