A better tone for risk assets persists, with data suggesting inflation may have peaked--but pay heed--this is likely just an important checkpoint in a longer race for credit markets. Central bank mandates suggest more caution than sentiment might indicate in terms of rate tightening. In addition, expect the impact from the fastest pace of rate hikes in recent history to increasingly show in issuers' operating performance and trading outlooks. Fourth-quarter corporate reporting season, which kicks off in earnest this week, will be accompanied by a slew of data releases including Chinese fourth-quarter and full-year GDP (Tuesday) and U.S retail sales (Wednesday).