1324 GMT - Investors could underprice the full extent of central banks' interest-rate rises over the coming months, Deutsche Bank's Henry Allen says in a note. High energy prices will drive up inflation and this isn't reflected in the latest inflation data, he says. Secondly, major central banks could act more aggressively than expected to contain inflation and any second-round effects, Allen says. "The historical pattern is overwhelmingly that markets tend to underprice the extent of hiking cycles at the beginning." Markets fully price in three or more rate rises each from the U.S. Federal Reserve, the European Central Bank, and the Bank of England, by the end of 2027, LSEG data show.