April CPI won't change minds at the Fed. But more of this will complicate the dovish case, which has already flipped away from arguing for cuts and towards arguing against toying with hikes. It's a tough inheritance for a new Fed chair picked by a president expecting cuts https://www.wsj.com/livecoverage/cpi-inflation-report-stock-market-05-12-2026/card/what-the-april-cpi-report-means-for-the-fed-DXrW4WsagWrP3TEAKoSp(Nick Timiraos)