Although the CME website is currently unavailable, this poor CPI data directly aligns with Waller's comments this afternoon, meaning a mere 25 basis point increase is insufficient, and the Fed might even raise it by 50 basis points. Of course, I don't believe the Fed will actually raise it by 50 basis points in December, but this data will drive up market expectations, and many quantitative traders follow this signal, hence the sharp price drops in various instruments immediately after the data release. Even if the final increase is only 25 basis points, the difference in market expectations will still be reflected in the price.