This year’s big call for economists and market watchers will be what happens to consumer price index (CPI).

Markets are overreacting to each CPI print, selling off if it comes out above expectations and rallying if it comes out the same as or below expectations. It is as if central banks look at one CPI print and make policy decisions, but that is not what central banks do. They look at trends and underlying price dynamics, not individual data points...

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