A miss, a hike and some caveats

The inflation miss should not be overplayed - rates are almost certainly near their peak.

The golden rule of macroeconomic analysis is never to get too excited about any single datapoint, no matter how important it can seem or however markets may react in the short term.

It is a rule that is often forgotten. This week’s nasty inflation surprise is a case in point. Yes, CPI for February came in at 10.4% in February – up from 10.1% in January a…