Inflation's rate of change reversed course in March, a broadly positive economic signal lost in prevailing tariffs-and-trade-war noise. Investors, traders and speculators confront potentially market-moving questions about the forward-looking value of backward-looking data on a regular basis now.
With a little less than a month until the next Fed meeting, the backward-looking kind — in addition to daily price action — is the only hard incoming data we have.
