While the market's volatility this week has been focused on UK pension funds and budgets and systemic risk, this morning's US CPI print will likely determine the next leg from here with expectations for an acceleration in core inflation and small slowdown in headline growth of consumer prices.

Disappointingly, for the hopeful bulls, Headline and Core CPI printed hotter than expected.

Headline CPI rose 0.4% MoM (double expectations) and up 8.2% YoY (hottere than the +8.1% exp)...