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(Bloomberg) Global markets were treading water on Friday before the release of US inflation data that could shift the narrative of the Federal Reserve’s fight against inflation. The US is expected to release its annual revisions to its consumer price index at 8:30 a.m. New York time. Last year, the update was significant enough to cast doubt on overall inflation progress and traders were speculating again that the recalculations might sway views over when the Federal Reserve will cut interest rates. “This could have important implications for the Fed,” wrote analysts at Rabobank in a research note. “It could increase or decrease the confidence that the FOMC has in a sustainable return to 2% inflation.” Europe’s Stoxx 600 and US stock-index futures were little changed. Ten-year Treasuries held steady, leaving their yield up about 15 basis points in the past five days. The next key data point will be the regular US inflation print due Tuesday. L’Oreal shares tumbled 7% as

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