The Guardian - Chinese New Year may have had a short-term impact, pushing food prices up, but this was probably muffled by the structural imbalance the sector is still suffering from. In the food complex, pig and beef prices continue to grind higher, though eggs look to have stabilised their rise, partly thanks to the quicker supply response. We have written much about the rate outlook -- we are hawkish, we think the economy faces a serious short-term inflationary threat, but we find ourselves in the minority on rates. While most analysts think the U.S.-China rate differential is key, we do not. And we think the central bank will have to move on rates before too long, despite U.S. rates, and the slowing growth influence of the United States, which will kick in later in the year.