If we get evidence of inflation pushing up beyond the levels we've seen already, then it's game on for an ECB rate hike in December. We would give it about a 35 percent chance at the moment but that could increase quickly should we get surprises in the next inflation reports.

Anthony O'Brien

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There will be an upside surprise in inflation, and we still think the Fed has still got some work to do. There's room for yields to rise.

— Anthony O'Brien

InflationWillWork

Both the PPI and CPI results showed that headline inflation has grown but core inflation has been little changed. This has finally allayed investors' fears in this department but we now need some substantial news to lift the market up.

— Anthony Hill

Both tend to do well when inflation is up and bonds are underperforming.

— Tom O'Connor

It shows that underlying inflation is still tame and only slowly edging up. That means the Fed can take its time hiking rates. The only question is whether it keeps moving at every meeting or takes a break now and then.

— Jim O'Sullivan

It's going to be a patchy acceleration in Europe, but we're looking for something a little firmer.

— Anthony O'Brien

AccelerationEuropeFirmer