Market prioritizes inflation data over employment reports, will reject new 'no inflation' metrics

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The market has shifted its focus, reacting more significantly to inflation data, even consensus CPI numbers, than to missed payroll reports, indicating that inflation concerns now outweigh labor market data for monetary policy implications. Any attempts by the Federal Reserve to introduce new inflation statistics, such as 'Supercore,' with the explicit purpose of showing no inflation, will likely be rejected by the market, causing more problems than they solve.