Some signs that US disinflation has not yet run its course

Core inflation was 3.2% y-o-y in December (3.248% to be precise) vs 3.3% the previous month. This insignificant slowdown has caused considerable relief in the bond market, with the 10-year yield down nearly 20bp since then. Phew, disinflation resumes! But let's imagine that the price index had been estimated 0.0019% higher (yes, we're talking about the fourth decimal place), then the rounding up would have been 3.3% and the market may have concluded that disinflation was well and truly over. Would long-term rates have then risen by 20bps and breached the 5% threshold? Every statistic inevitably contains a certain amount of noise. Let's try to ignore it to more clearly see the disinflation process.