If we zoom out from the dramatic day-to-day noise of the media cycle, arguably the most important news this week was the smoking-hot US inflation data.
It implies that over the three months to October, core inflation has accelerated to a stonking 3.8 per cent annualised pace, while the 12-month rate has lifted from 3.1 per cent to 3.3 per cent, way above the US Federal Reserve’s official 2 per cent target.
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