The Week In Markets - Inflation less housing is exactly where the Fed would like it to be

The Beyond Markets podcast channel is wrapping up on a high note at the end of 2025. But do not worry! The conversation continues on our podcast Moving Markets by Julius Baer, where we'll be sharing fresh insights and analysis on current market developments.

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Last week, oil and gold saw their largest gains in half a year. The conflict in Israel is the reason, but history shows trade and finance adapt quickly to challenging circumstances. 70% of the rise in September CPI inflation came from “shelter” (residential property). Excluding shelter, CPI inflation would be 1.9%, exactly where the Fed wants it to be. Of the 32 S&P 500 companies that have reported Q3 results so far, 84% reported a positive earnings surprise, above the 5 year average of 77%. All 32 have beaten consensus estimates by 10.1%, above the 5 year average of 8.5%.