Market movers today
In the data calendar the main event is US consumer prices for December. We expect inflation to accelerate to 1.5% y/y from 1.2% y/y mainly on the back of higher food prices. US consumer prices have become a bit more interesting after the Fed in its qualitative forward guidance linked a future interest rate decision more explicitly to the development in inflation. The NAHB housing market index, the Philadelphia Fed business survey and initial unemployment claims should also get some attention.
Bundesbank president Jens Weidmann is scheduled to speak at 11:00 CET in Berlin and here we will get the first opportunity to hear to what degree he shares Draghi's dovish tone from last week. The European Parliament is scheduled to vote for Sabine Lautenschläger's nomination in a non-binding vote.
Fed chairman Ben Bernanke is scheduled to speak about 'The Fed Yesterday, Today and Tomorrow' at 17:10 CET. Although Bernanke will soon be former chairman, his views are still important as he will chair the 28-29 January meeting.
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