There will be an upside surprise in inflation, and we still think the Fed has still got some work to do. There's room for yields to rise.

If we get evidence of inflation pushing up beyond the levels we've seen already, then it's game on for an ECB rate hike in December. We would give it about a 35 percent chance at the moment but that could increase quickly should we get surprises in the next inflation reports.

You will not see a firefighter holding my sign. You will not see my signs on a firefighter's lawn,

Work hard, be kind, and amazing things will happen.

Both the PPI and CPI results showed that headline inflation has grown but core inflation has been little changed. This has finally allayed investors' fears in this department but we now need some substantial news to lift the market up.

His academic work on inflation targeting will be of great comfort to many market analysts and investors who are beginning to fret about inflation,