Consumers in the United States and around the world continue to feel the pinch of inflation and recent data shows that the Consumer Price Index (CPI) rose 6.2% in October when compared to last year, a development which further cast doubt on the “transitory” inflation narrative coming out of the Federal Reserve.
As a result of the high print, traditional financial markets took a hit on November 10 as concerns about runaway inflation and the loss of purchasing power weighed heavily on the minds of investors and major indicies pulled back from new record-highs that were set earlier in the week.