Today's market focus is all about the Fed and how aggressive they are likely to be. The fixed income market, in particular, has been pricing in a more forceful showing by US policy makers later this afternoon, most notably on the back of yesterday's somewhat surprising US inflation report, but will they be disappointed with the Fed outcome? The May US CPI headline came in stronger than anticipated (+0.4%, m/m and +2.1%, y/y), even the less volatile core beat forecasts (+0.3%, m/m and +2.0%, y/y), confirming the fastest one-month gain in nearly two-years. This unexpectedly large increase will obviously provide fodder ... (full story)