To get John Authers' newsletter delivered directly to your inbox, sign up here.

Goldilocks should be careful she doesn’t burn her lips. After a startling US inflation report for January, it’s plain that her porridge isn’t too cold, at least not yet — but it very well might be too hot. That led to an interesting readjustment on markets, as traders pondered the possibility that Team Transitory hadn’t been right after all.