Strategist: Powell's signal is clearly reflected in the CPI report

Quincy Krosby, Chief Global Strategist, LPL Financial: Federal Reserve Chairperson Jerome Powell has delivered a message that the market doesn't want to hear, but one that was made clear in the last CPI report, that the Fed can't yet declare victory in its efforts to tame inflation. Various interpretations of the CPI report suggest that some believe the Fed is likely to cut rates in December, while others warn that higher year-over-year inflation indicates that the downward trajectory of inflation is running out of steam. While the last mile to price stability may be bumpy, Powell again reminded the market that the Fed will not implement the series of rate cuts they want unless the labor market deteriorates - which the market certainly doesn't want.