Last week, global equity markets went on a tear. The US S&P 500 index rose by over 6 per cent in the space of two days, while the tech heavy NASDAQ index rose by over 9per cent. These are huge gains in such a short space of time, and the catalyst for the up move was the publication of US inflation data for October. Ahead of the publication of the data, the Cleveland Federal reserve Nowcast model showed that there was a strong possibility of a higher-than-expected print – and this model has been reasonably accurate for most of the…

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