As we noted over the weekend, positive US data surprises seem to be normalizing (i.e. the Citi US econ surprise index has flatlined) due to a combination of analysts catching up with the prior stronger pace of growth, and also due to some evidence that the rate of change of US growth is peaking out (JPMorgan disagrees). {chart} However as DB's equity strategist Parag Thatte points out in his latest positioning piece, "US inflation data surprises are at their highest in the 20-year history of the series with the last 10 data points almost 'off the chart'." {chart} As DB's Jim Reid points out, inflation surprises ... (full story)