US consumer inflation on the cards today, what to expect?

The February reading was +7.9% y/y and consumer inflation in the US is estimated to jump up further in March to +8.4% y/y. The monthly reading is expected to reflect a rise of 1.2% after a 0.8% monthly increase in February.
In short, inflation is expected to run hot as it has been in the past few months. The Russia-Ukraine war has just exacerbated conditions globally and the recent lockdown in Shanghai certainly won't help with the situation.
But what is the market anticipation coming into today and where is the action going to be?
Let's first take a look at the forecast distribution for today's estimate:

As you can see, there's quite a skew towards being above the expected +8.4% y/y estimate. While this is just a forecast, it does point to some expectation that there are certain quarters of the market expecting higher inflation numbers. As such, I'd wager anything above +8.7% y/y or closer towards +9.0% y/y to produce a stronger "beat".
Meanwhile, a reading closer towards +8.0% y/y is likely to help soothe the market a little that at least the inflation 'blow up' isn't as uncontrollable as feared.
As for the reaction, the bond market is the first place to look at. The recent selling is continuing as yields are running higher and a beat on estimates will surely spur further momentum in that. In turn, the dollar is likely to catch a further tailwind – especially against the yen.
On the flip side, the opposite reaction to the above will apply; all else being equal that is.