The data has been and is expected to continue to indicate an accelerating rate of growth.

A large amount of data will be released in this holiday week. The most important will be the core PCE price index on Wednesday. This is the favored measure of inflation by the Federal Reserve. It had increased by 3.6% in the trailing twelve ending in September. It is expected to be up 0.4% for the month of October which would drive the YOY increase up to 4.1%. Higher inflation expectations are already being priced into financial assets, but the length of time it remains high is not. Investors continue to expect inflation to moderate toward the Fed’s target of 2% by the second half of next year. In order to that to happen, shortages of products and further recovery of workers needs to take place.