Deflationary pressures, outside of Japan have bottomed - BBH

Research Team at BBH, notes that the UK and New Zealand reported higher than expected CPI figures. 

Key Quotes

“This gives more evidence of our macroeconomic views:  Deflationary pressures, outside of Japan have bottomed.  Price pressures will gradually increase.  This is an important turn for investors.    Attention is turning to the US CPI report.  The pace is also expected to increase.  At the headline level, a 0.3% increase will lift the year-over-year pace to 1.5%, while the core rate may be steady at 2.3%.  Remember, the Fed targets the core PCE deflator, which lags behind the CPI.”