Josh Jamner, an investment strategist at asset manager ClearBridge Investments, said today's CPI report will disappoint the short-term bond market as the market is already gearing up for the Fed to cut interest rates by more than 250 basis points by the end of 2025. He said today's less favorable news won't stop the Fed from starting to normalize interest rate policy next week, but it could cause it to reframe the debate. Further signs suggest inflation may be more stubborn than previously thought, which could lead to a slower, smaller rate-cutting cycle.