Traders hoping to profit from a surprise reading in Wednesday’s consumer inflation data may be better off positioning for it to come in below forecasts, according to JPMorgan Chase & Co.’s sales and trading desk. While the consensus estimate for June’s consumer price index is for a 3.1% annualized pace, the bank’s team including Andrew Tyler sees a four-in-five chance for the data to arrive in line or below the estimate, a range of outcomes that can bolster equities, all else equal. In two contrasting tail-risk scenarios where the CPI reading presents a market shock, the team assigns a 10% probability that ... (full story)