Of all the major economic data releases out today, none will get as much attention from markets than US consumer price inflation (CPI). Forget China’s trade data, and the US retail sales report, what markets are most interested in is whether inflationary pressures are building given the implications on the outlook for US interest rates. Of the 71 economists polled by Thomson Reuters, the median economist forecast is looking for an increase in headline CPI of 0.2% in December, seeing the year-on-year rate decelerate from 2.2% to 2.1%. However, if the chart below in anything to go by, markets could be in for a big ... (full story)