January inflation will be higher but show moderation in underlying momentum. We see headline inflation print at 7.4% while core inflation prints at 5.9%, which could translate into a small selloff in bonds, wobbly equities and a supported dollar. Highlights: • Headline inflation to print at 7.4% y/y (consensus: 7.2%) and core inflation at 5.9% y/y (consensus: 5.9%). • An above-consensus print could imply frontloading of hikes and increased speculation in a 50bp March-hike. • Frontloading rate hikes support the USD, but substantial gains may require higher terminal rates pricing (more hikes priced, not just faster). ... (full story)