The US CPI exceeded expectations, both on the headline and core fronts, disrupting the disinflation narrative. In response, the 2-year Treasury yield surged by 18bps to 4.66%, and the DXY index broke past the 100-day moving average. USDJPY also rallied beyond 150.50, prompting Japanese officials to issue warnings about the move. The S&P 500 Index dropped by 1.4%, and the Nasdaq 100 Index fell by 1.6%. In the first trading session following the Lunar New Year holiday, the Hong Kong equity market is expected to face pressure due to the MSCI announcement regarding the deletion of 66 Chinese companies from the MSCI ... (full story)