The early consensus on today's inflation report? Not hot enough to make an October rate hike a sure thing, but troubling enough to stir concerns about a more prolonged hiking cycle, à la 2022. Stocks are set to open in the red today.

Here are a few takes on today's print:

-- "Markets are clearly unsettled, but in our view today's report is not strong enough to revive the case for an October hike." -Seema Shah, chief global strategist at Principal Asset Management

-- "The Treasury market likely views such a result as evidence that its work is not finished, putting additional upward pressure on yields across the curve." -Karen Manna, fixed income investment strategist at Federated Hermes

-- "We think the bigger picture is the balance of risks. The economy is growing strongly so the FOMC can place more emphasis on the inflation mandate." -Brad Conger, chief investment officer at Hirtle & Co.

-- "Today's warmer core CPI release bolsters the case for additional rate hikes, but recent dovish Fed-speak from NY President Williams and Governor Jefferson suggests that the bar is high for an immediate hike." -Jeff Schulze, head investment strategist at Franklin Templeton Institute.