JPMorgan strategists cautioned that Friday’s U.S. CPI release could reset market risk premiums if inflation overshoots expectations for a 0.3% core rise. The bank expects the VIX volatility index to jump above 20 on any surprise upside. Traders positioned defensively ahead of the data, reducing leverage and rotating into treasuries. Analysts say an inline print could reassure equity markets but warn that sticky inflation may extend policy uncertainty through year-end.