A Federal Reserve official recently flagged that shelter inflation readings remain distorted—largely because October data hasn't been fully incorporated yet into the calculations. The lack of complete data points means current inflation metrics might be giving a misleading picture of where prices actually stand.

On a brighter note for markets: business confidence about tariff outcomes has shifted noticeably. Compared to April last year, companies are considerably more optimistic about how trade policies will shake out. This improvement in sentiment could signal stronger economic positioning ahead, especially if tariff uncertainty finally starts to ease. For traders watching macro headwinds, this shift from pessimism to cautious optimism is worth monitoring closely.