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The Market Wrap for October 15: Inflation Rules the Roost

The broader markets continued their whipsaw action this week as traders digested various points of economic data. The two biggest movers of the major averages remained inflation and rising energy prices. But, more succinctly, is how the Federal Reserve will react to that data. The last few months’ price action has been dictated by the potential of the Fed to raise rates, begin its taper and even start selling its massive portfolio of bonds. Those worries continued throughout this week as oil prices surged. However, bearish inflation data showed that the Fed wasn’t ready to raise rates just yet.

Helping the week was the official start to the earning season. With several big bank names on tap to kick off the third-quarter’s reports, investors carried many of the larger banks higher on their positive profits. Investors were keen to look at guidance figures. Investors also braced for slightly less year-over-year EPS jumps as we’re now comparing results to the tail end of the pandemic year.

Other economic data on the week was moderately bullish as well. As was the political climate in Washington, which saw a stop-gap bill signed by President Biden, and the debt ceiling debacle delayed for at least two months.

All in all, stocks continued to swing back and forth on the week’s news and potential for Fed action.

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