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Making sense of the markets this week: November 13, 2022
– moneysense.ca
Cooling inflation leads to red-hot day for the markets
Part of being neighbours with the most powerful country in the world is that sometimes their news tends to get reported with a louder megaphone than our own—even in our own backyard.
That was certainly the case in business news this week as the U.S. consumer price index (CPI) data was released. October’s year-over-year inflation came in below expectations at 7.7%, which is down from 8.2% in September. The S&P 500 shot up 5.5% in response, the 15th-largest daily gain for the index since 1950.
The TSX also rose that day, up a strong 3.3%. Expectations of a 0.75% rate increase at the next U.S. Federal Reserve funds meetings decreased as traders started to lean towards only a 0.5% increase. The drastic movement we saw in the markets around the world illustrates just how important U…