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“Inflation is bringing us true democracy. For the first time in history, luxuries and necessities are selling at the same price.” – Robert Orben

Earnings season kicked off this morning and all five of the major companies reporting before the bell topped consensus estimates.  In terms of share price reactions, four of the five names are either flat or slightly higher, but SAP which reported an earnings triple play is trading up over 5% in the pre-market.  So far, so good.

With all of the earnings reports out of the way, the focus will shift to CPI and how bad the inflation pressures were on the economy in September. Then, at 2 PM the FOMC will release the minutes from its most recent meeting three weeks ago.

Read today’s Morning Lineup for a recap of all the major market news and events from around the world, including the latest US and international COVID trends.

With consensus estimates anticipating headline CPI to rise 0.3% on a month/month basis in September, it would represent the 10th straight month that headline inflation came in ahead of the five-year average of 0.2%.  That being said, if the actual m/m increase comes in close to forecasts of 0.3% it will clearly represent a slowdown in the pace of price increases from the spring and summer months. Still above average, but getting back more in line with the historical norm.

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