Inflation Just Spooked the Market -- But There's Still Good News for Patient Investors

The overall Consumer Price Index (CPI) rose 0. 6% in September and 3. 7% year-over-year, up from 0. 4% and 3. 4% in last month's report. This was market-moving news. The odds for Federal Reserve interest rate hikes ticked up, discouraging debt-fueled investments and pressuring the margins in corporate earnings reports. The S&P 500 (SNPINDEX: ^GSPC) fell 1. 1% that day while the volatile Nasdaq Composite (NASDAQINDEX: ^IXIC) took a 1. 8% hit. That's the bad news. I should have asked you to take a seat before reading that bit. But I can make up for the nerve-rattling inflation data and Fed rate predictions.