US CPI surprised to the downside, briefly lifting the Nasdaq as rate-hike odds eased, but the move reflected cooling Fed expectations rather than an end to the energy shock. If oil stays elevated, higher gasoline, transport and production costs could push up forward inflation (secondary inflation risk) and may force the Fed and other central banks to keep rates higher for longer, applying material downward pressure on high-valuation assets via reduced forward discounting. On Monday the S&P 500 energy sector rose about 3.2%, signalling rapid fund flows back into high-cash-flow, defensive energy and value names.(金十数据)