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Inflation: raising interest rates was never the right medicine 
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Governments have been able to overrule the Reserve Bank for 80 years. Why stop now? 
Lots of economic data and events scheduled for today, and some with high volatility risks associated.
Data released so far:
- United Kingdom: GFK consumer confidence index came at -9 in January. BRC shop price index down -0.5 percent in January.
- Australia: Private sector credit up 4.8 percent y/y in December. Consumer price inflation up 1.9 percent y/y in the fourth quarter. RBA trimmed mean up 1.8 percent.
- China: NBS non-manufacturing PMI rose to 55.3 in January. Manufacturing PMI declined to 51.3 in January.
Upcoming:
- Japan: December construction orders report will be released at 5:00 GMT, along with housing starts and consumer confidence reports.
- Germany: December retail sales report will be released at 7:00 GMT, followed by January unemployment report at 9:00 GMT.
- Switzerland: UBS consumption index will be updated at 7:00 GMT.
- France: December producer price inflation report will be released at 7:45 GMT, along with January consumer price inflation report.
- Spain: January HICP inflation report will be released at 8:00 GMT, followed by November current account balance report
- Italy: December unemployment report will be released at 9:00 GMT.
- Greece: November retail sales report will be released at 10:00 GMT.
- Eurozone: December unemployment report will be released at 10:00 GMT, along with January CPI inflation report.
- United States: MBA mortgage report will be released at 12:00 GMT, followed by ADP employment report at 13:15 GMT. Employment cost index for the fourth quarter will be updated at 13:30 GMT. Chicago PMI report will be released at 14:45 GMT, followed by pending home sales report at 15:00 GMT. EIA will release weekly crude oil inventory report at 15:30 GMT. Fed will announce interest rate decision at 19:00 GMT.
- Australia: AiG performance of manufacturing report will be released at 22:30 GMT.
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