at 21:30 tonight, the US will release the December CPI data. The market generally expects that the inflation data will show that price pressures remain stubborn and are still far from the Federal Reserve's 2% target. According to combined survey data from Bloomberg and FactSet: the overall CPI is expected to rise by 0.3% month-on-month and 2.7% year-on-year. The core CPI, excluding the more volatile food and energy, is expected to rise by 0.3% month-on-month and 2.7% year-on-year. Although the Cleveland Fed's Nowcast model gives a slightly lower forecast (core CPI month-on-month growth of 0.22%), the mainstream Wall Street view is that inflation has not significantly cooled. CME Group data shows that the market bets the Federal Reserve will keep interest rates unchanged in January with a probability as high as 95%.