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<p>Responses to the US CPI data continue inbound.The data, ICYMI:</p><ul><li><a href="https://www.forexlive.com/news/us-november-cpi-71-yy-vs-73-expected-20221213/" rel="follow" target="_self" class="article-link">US November CPI +7.1% y/y vs +7.3% expected</a></li></ul><p>Earlier response posts:</p><ul><li><a href="https://www.forexlive.com/centralbank/slower-than-expected-rise-in-us-cpi-adds-to-the-case-for-a-sooner-lower-terminal-rate-20221213/" rel="follow" target="_self" class="article-link vertical-align-baseline">Slower than expected rise in US CPI adds to the case for a sooner, lower terminal rate</a></li><li><a href="https://www.forexlive.com/centralbank/goldman-sachs-fomc-preview-expect-a-higher-peak-rate-projection-and-larger-cuts-in-2023-20221213/" rel="follow" target="_self" class="article-link">Goldman Sachs FOMC preview - expect a higher peak rate projection, and larger cuts in 2023</a></li></ul><ul class="text-align-start vertical-align-baseline"><li><a href="https://www.forexlive.com/centralbank/timiraos-fed-on-track-for-50-bps-tomorrow-but-lower-inflation-could-complicate-5-target-20221213/" rel="follow" target="_self" class="article-link">Timiraos: Fed on track for 50 bps tomorrow but lower inflation could complicate 5% target</a></li></ul><p>JPM now:</p><ul><li>market has cut back its pricing of the terminal (peak_) Fed Funds rate</li><li>but the strong jobs market means the majority of Federal Open Market Committee (FOMC) members will remain more concerned about doing too little than too much</li></ul><p>Thus:</p><ul><li>"we continue to see the Fed hiking to 5% in 1Q23"</li></ul><p>FOMC statement is due at 1900 GMT, Powell presser at 1930 GMT. </p>

                This article was written by Eamonn Sheridan at www.forexlive.com.