The threat of persistent inflation is not going away despite market aspirations. Last week’s U.S. CPI revisions--plus Russia’s announcement it will cut oil production in March and the Chinese economy's brighter growth outlook--all point to ongoing inflationary pressures. The U.S. CPI numbers (out Tuesday) are probably the key release to watch out for this week, as are the U.S. and U.K. retail sales and European fourth-quarter GDP updates. Markets expect interest rates to rise again in the U.S. and Europe, while credit pricing optimism seems to be stalling, at least for now.