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The continued rise in consumer prices will have multiple effects going forward, notes Deepak Puri, the Private Bank’s Chief Investment Officer for the Americas, beyond the pressure it places on central-bank policy. “We are in the midst of an inflationary boom, which means that the growth numbers are going to be much higher,” Deepak says. “There is a concern that further policy adjustments are still needed to ensure inflation comes back to the stated target. And there's also a concern that the longer the higher inflation persists, the more challenging it's going to be to bring it down.”
With corporate earnings season nearly upon us, Deepak says that markets will be watching for a continuation of the strong reports seen in 2026. “The reason why we're using the term ‘earning super cycle’ is because it is really a golden age for earnings,” Deepak says. “The stock market would love to see a continuation of the very strong earnings that we have had so far this year.”
In the week ahead, jobs data and the Federal Reserve’s preferred inflation gauge are likely to get a lot of attention, but Deepak also points to matters of interest in the political world, including the conclusion of the recent Trump-Xi summit, and polling data that is consistently pointing to a likely strong showing for Democrats in the midterm elections.
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