Quincy Krosby, chief global strategist at LPL Financial, reported on the Internet: Federal Reserve Chairman Powell conveyed a message that the market did not want to hear, but this news was clearly reflected in the last CPI report, that is, the Federal Reserve could not yet declare that its actions to curb inflation have been a victory. Various interpretations of the CPI report suggest that some believe the Fed may cut interest rates in December, while others warn that rising year-on-year inflation suggests that inflation's downward trajectory is losing steam. Although the last mile to price stability may be bumpy, Powell again reminded markets that the Fed will not implement the series of interest rate cuts they want unless the labor market deteriorates-which markets certainly don't want.