Consumers in the United States and around the world continue to feel the pinch of inflation and recent data shows that the Consumer Price Index (CPI) rose 6.2% in October when compared to last year, a development which further cast doubt on the “transitory” inflation narrative coming out of the Federal Reserve.

The high printing caused financial markets to take a big hit on November 10. Investors were worried about inflation runaway and losing purchasing power. Major indicies had to be pulled from the market. New record highsThese were established earlier in the week.