The JPMorgan Markets team believes that inflation data is more likely to see a warm up than a cool down. That said, they think hotter data this week is unlikely to derail the risk appetite tone, and investors are unlikely to fixate on one data point as there is one more CPI data out before the December Fed meeting.” However, the team reminded investors that Powell has shifted the Fed's focus from the labor market to weighing the dual mandate of employment and inflation. “If data such as CPI or even retail sales show a stronger growth trajectory that is also fueling inflation, it will be important to keep an eye on what happens going forward.

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