See above HA for TLT after cpi announcement on Fri., March 15 and below OHLC bars for the same period.

Above is the TLT:SPY ratio for July 2011.  Notice the large uptick at the end of the month. Similar to now the ratio had been low for quite some time.

This time it will be closer to the Mar 2013 event with TLT clearly rising after ccpi was reported 2.0. However, below the core inflation may be short lived resulting in a fall back in inflation below 2.0 shortly.

http://www.calculatedriskblog.com/2014/06/merrill-lynch-inflation-bump-up-or-bust.html

There is a suggestion though that inflation surge has been due to medical drug pricing and will come off  soon.  If this is true, back to SPY rebound plays.