Inflation came in cooler than expected. September CPI landed at 3%, below the 3.1% forecast, although higher than August’s 2.9% read. And that’s all markets needed to turn optimistic. In this environment, “less bad” still means bullish. This cooler-than-expected print should be enough for the Fed to be on track for rate cuts. Odds of a 25bps move next week are already near 100%. A relief rally could be around the corner. Stay patient.(Lark Davis)