What does this inflation data tell you? Previous: 0.6, forecast: 0.3, actual: 0.4. Well the answer is, neutral to bullish. Even though the CPI data came in hot, above expectations (0.4 vs. 0.3 forecast), it still remains neutral since it's well below the previous 0.6. So the pressure on risk assets can begin easing. Meanwhile we're nearly halfway through the month, and November seasonality is mostly positive. That means we can now see higher prices from here through the end of the month, with conditions staying favorable into early next month towards the FOMC meeting and the next CPI report fall just one day apart.
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