Good morning contrarians! Today is all about the CPI reading, due at 0830. Expectations are for a MoM increase of 0.5% in core prices. The YoY figure is expected to print at 4.9%, slightly ahead of October’s 4.6% reading.

The one that will be making headlines is the YoY figure including food and energy, which is expected to come in at 6.8%, the highest level since 1982.

This report is overrated for reasons that are discussed in today’s briefing and podcast, now live: