The mild risk off tone continued yesterday with both equities lower (S&P500 -0.4%, Euro Stoxx -0.3%), and Bond Yields lower (USTs -3.9bps, Bunds -21bps), while the VIX crept higher but is still at a low 12.91. Economic data certainly does not support the risk off tone with US CPI and Retail Sales coming in in line with expectations, while German GDP yesterday was stronger than expected. US Core CPI was 0.2% m/m with the y/y rate a tenth ahead of expectations at 1.8%. The in line CPI print helps the case of Fed officials who have argued the recent slowing in inflation was due to one-off factors and did not represent a broader slowing. The on consensus print may also help assuage the Doves; note Evans was out yesterday stating he fears the public is losing faith in the commitment to get inflation back to the 2% target.