The inflation-print desk: the CPI components sheet leads with supercore/food/energy tabbed behind, realized-vs-target inflation + market breakevens left over the calendar + surprise index, the chart under the hero, and the Treasury curve over the Gamma Stream ladder right — how the print reprices rates and dealer gamma
The inflation-print desk: the CPI components sheet leads with supercore/food/energy tabbed behind, realized-vs-target inflation + market breakevens left over the calendar + surprise index, the chart under the hero, and the Treasury curve over the Gamma Stream ladder right — how the print reprices rates and dealer gamma
Use it when: CPI morning. Load it before the release, not after: half of this desk is about what the market had already priced.
An inflation print moves the front of the curve, and the front of the curve is the discount rate under every index future. That is the whole transmission - the print does not move ES, the repricing does.
ES reacts to the SURPRISE, not the level, and the surprise is measured against what breakevens already had priced. The desk puts both on one screen for exactly that reason.
NQ is the longer-duration of the two, so it carries the bigger reaction to the same repricing. When the curve's front end moves and NQ does not, one of the two is wrong.
Energy CPI is a lagging read on crude, not a leading one - the sheet is there to explain the print, not to trade CL off it.
Presets in the menu bar, under the category this desk belongs to — one click applies the whole layout, and a checkmark tracks which one is active.Ctrl+P, which finds it by name.Add Panel menu.The tell: The move is in the gap between the print and what breakevens had priced, not in the print. An in-line CPI into a market positioned for a miss is a bigger move than a beat everybody saw coming.
8 panels, read straight from the preset definition in the desktop build:
Plus 6 dense sheets — wide tables that carry a whole complex in one upstream call rather than a wall of single-series tiles:
These desks assume the theory. If any of it is unfamiliar, the background reading is on the learn side: