Macroeconomic data is not magic, risk assets don’t like inflation especially after several good readings a big leap like the previous one from 0.4 to 0.6 will put pressure on risk assets, which is why I was cautious in October, mentioning that we would remain neutral to bearish for now until the dust settled from the FOMC and the midterms, which were around the same time. Now in a few days, we will have another month over month reading where the market is forecasting another big leap, but this time from 0.6 down to 0.3 which is even lower than what we had in September. What does that mean? Well it means positivity, especially since November is also a good seasonal month with a good inflation forecast we are about ready to resume the trend higher for risk assets.