<p>It was an ugly day for stocks but if you told me before the CPI data that it would be hot and that stocks would trade flat on Thursday-Friday, I’d say that’s constructive. It sure doesn’t feel that way though.</p><ul><li>S&P 500 down 86 points to 3583 or 2.4%</li><li>Nasdaq Comp -3.1%</li><li>Russell 2000 -2.6%</li><li>DJIA -1.3%</li></ul><p>If there’s any kind of consolidation, JPM managed to gain 1.8% on good earnings on a rough tape.</p><p>On the week:</p><ul><li></li><li>S&P 500 -1.25%</li><li>Nasdaq Comp -2.8%</li><li>Russell 2000 -1.1%</li></ul>

This article was written by Adam Button at forexlive.com.

<ul><li>There was broad consensus at the IMF meetings that inflation is the most-immediate threat to current and future prosperity</li><li>We will be ‚watching closely‘ US economy, inflation and rates and factoring that in as we take decisions in Canada</li><li>Whatever Sept CPI shows, economy will still be in excess demand. Labour markets are tight and inflation is too high</li><li>There was a clear resolve to restore price stability at IMF</li></ul><p>The market is pricing in a 78% chance of 50 bps from the BOC on October 26 with the remainder at 75 bps.</p>

This article was written by Adam Button at forexlive.com.