The recent turmoil in the stock market has options traders increasingly worried that the upcoming Consumer Price Index (CPI) report could cause more volatility. Surging bond yields and strong employment data have made this CPI report a hot topic. Stuart Kaiser, head of U.S. equity trading strategy at Citigroup, said he expects the S&P 500 to fluctuate 1% on January 15, which is the largest implied volatility on the CPI data release date since the regional bank turmoil in March 2023.