The Consumer Price Index (CPI) went unchanged in October and is up 3.2% year-over-year. This was below the consensus estimate and the markets celebrated with the S&P 500 gaining 1.91% and the Bloomberg US Aggregate Bond Index rising 1.19% on November 14th, the day the data was released. This has decreased the probability of another interest rate increase by the Federal Reserve (FED) and the Fed Funds market is now pricing in interest rate cuts in the first half of 2024. The economy is not out of the woods yet, but a soft landing appears more likely than it did a year ago.