Today will be all about the December inflation report out of the US economy (13:30 GMT).

One could argue that these figures have taken up slightly less importance - expectations for Federal Reserve rate cuts are so low that even a big downside surprise would likely do little to change the narrative. Yet, market participants will be watching the data closely nonetheless.

Consensus is for another print in excess of 3% in the core rate, with the main inflation measure seen ticking up to 2.9% (from 2.7%) that, if confirmed, would likely solidify bets for one or less cuts from the FOMC in 2025. Investors are unlikely to get a breather from major market moving news in the next few trading sessions.

Thursday will see the release of the December retail sales report, which is expected to confirm the resilient state of US consumer demand. We then have the small matter of the Trump inauguration on Monday.

The information contained in this document was obtained from sources believed to be reliable, but its accuracy or completeness cannot be guaranteed. Any opinions expressed herein are in good faith, but are subject to change without notice. No liability accepted whatsoever for any direct or consequential loss arising from the use of this document.

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