Slowing CPI finally slows Fed trajectory, but what does the pivot really mean?

Markets - basically all of them - have been coiled up like a spring as one piece after another had already been clicked into place, just waiting for the last one to confirm the turnaround. The US CPI had been stubbornly holding out against the overwhelming (recession) tide. Until now. With pivot in sight, what does that actually mean? Stocks trade one thing, curves something else entirely.