Unhedged feels only a little reassurance. We thought inflation was all but beaten four months ago, and were wrong; once burnt, and all that. Despite this good report, however you look at it, core inflation is closer to 3 per cent than 2 per cent, and the trend is sideways, not down.

Reports of the demise of US inflation have been greatly exaggerated. Today on the show, Rob Armstrong and Aiden Reiter discuss the continuing high numbers and what the Fed might do about it this year. Also they go long Ohio State and short New Year’s resolutions.

Economists polled by Reuters expect Wednesday’s US consumer price index to show inflation of 2.8 per cent in December, up from 2.7 per cent a month earlier. They anticipate that core inflation, which strips out volatile components such as food and energy prices,

After experience of Biden administration, fighting price rises likely to be political priority over targeting economic growth

And almost as expensive due to years of cash flowing in to escape the inflation in neighbouring countries such as Argentina. What’s nicer than an ocean-view apartment to preserve your wealth in real terms?

Yields down, stocks up. After government bonds sold off sharply the week before, buyers were back after favourable inflation prints calmed investors’ nerves in the US and UK in the past week. As far as returning to normal it might be as close as we are going to get for some time.

The battle of expectations continues. Republicans believe inflation will fall to 0.1%, while Democrats foresee 4%.

Corporate earnings are coming in strong. Investors are also seeing the Trump administration take a less aggressive approach to tariffs than some had expected.

Wall Street finds fresh exuberance, while any doubt that living became more expensive under the outgoing administration is dispelled.

Simply sign up to the Global Economy myFT Digest -- delivered directly to your inbox. Central banks around the world are expected to lower borrowing costs as global inflation eases from the multi ...

The Bank of Japan is likely to raise rates at its January 24 meeting following recent supportive comments from BoJ governor Kazuo Ueda and deputy Ryozo Himino.

In a well-trailed move, the Bank of Japan on Friday raised the policy rate by 0.25 percentage points, taking it to 0.5 per cent — its highest level in nearly two decades.