99 c115 in rpm reduction mode, not overheating

My outboard went into rpm reduct mode from a cold start and 5 minutes of no wake speed out of the marina. The heads are warm (not hot), the alarm didn't sound (it works, I jumped it), the water pump is fresh and the telltale is strong, and no oil pump on this model. Starts and runs great under 2000 rpm. No typical signs of overheating. Started it up later on a hose and it ran fine. Grounded one of the sensors and it went back into reduct mode, the exact same symptoms limiting rpms to 2000. Traced all sensor wires and found no shorts. I did not test the wire between the motor and console (alarm lead). If the alarm lead has a short, will it signal the CDI to reduce rpm? Could the CDI be bad? Thanks in advance for your feedback!