Don't Overreact to January Inflation Data, Focus on Earnings Instead, Says Economist
• January inflation data sparks market overreaction, says former CME Group chief economist
• Monthly volatility normal; year-over-year inflation still under 2% excluding shelter
• Fed wants more data before rate cuts to avoid policy mistake
• Focus should shift to corporate earnings rather than minor rate moves
• Regional banks face commercial real estate crisis but no systemic risk seen