You can't even say inflation has peaked yet. One of the only crumbs bulls have had is the "inflation is peaking" narrative, even though it remains at a high level. Even that headline is in doubt. Today's September consumer price index was up 8.2% year over year vs. 8.1% expected. Not helpful. Neither was the month-over-month change: up 0.4% (vs. 0.3% expected), and up 0.6% ex-food and energy (vs. 0.4% expected). S & P futures dropped 110 points on that. That, for the moment, is the premium between "inflation has not peaked" and "inflation has peaked." It's a shame, because markets had rallied over vague reports that U.K. Prime Minister Liz Truss may do a (partial?) about-face on her budget program . That lifted European stocks, with the iShares United Kingdom ETF (EWU) up about 2% pre-open. The CPI will also drown out what is turning out to be a very good morning for earnings reports. All the major reporters — BlackRock , Delta , Fastenal and Walgreens Boots Alliance — posted numbers above expectations and all were trading up prior to the CPI announcement. BlackRock, in particular, had a large beat, although profits were down 16% from the same period last year. However, the massive iShares ETF business still saw inflows, which helped limit the decline in assets under management, down 5% from the prior quarter. Not bad, considering the carnage in the market.