S&P 500 modest risk-on turn talked yesterday, is underway – with adequate support from bonds. That means the dollar is going to get under daily selling pressure, with positive consequences for assets spanning commonidities, precious metals and sure supporting tech as well (looking at TLT to cast a decisive vote for Nasdaq). Unfolding just fine, but what about the CPI effect? Likely to temper the oh so fast inflation theme, at least temporarily – and that would take pressure off the Fed‘s hand being twisted by the markets. Note though how both the 2-year and 10-year Treasury paused over the las…