And another dealer revises their Q1...>

US DATA REACT: And another dealer revises their Q1 GDP estimate lower following

this morning's "hot" .5% CPI, JP Morgan drops their GDP est to 2.5% from 3.0%.

JPM cited ex-food and energy core consumer price index (CPI) that "increased a

scorching 0.349% in January, the largest monthly gain since March, 2005. The

increase takes the three-month annualized gain up to 2.9%, which will contribute

to growing fears that inflation is about to break out to the upside." On

market's reaction and implied moves for Fed policy: the "inflation reading

should probably cement in place the Fed's intent to hike rates at the March FOMC

meeting. We now also think the odds are moving up that they also revise their

guidance at that meeting from looking for three hikes this year to four,

aligning with our view."