Housing costs remain a key driver pushing inflation readings higher, though recent data gaps are complicating the full picture. According to recent Fed commentary, shelter inflation figures are still skewed—primarily because October's data is missing from current calculations. This incomplete dataset means inflation assessments could shift once the full month is accounted for.

On the business side, sentiment has notably improved. Companies are feeling considerably more optimistic about tariff negotiations compared to their outlook from April. This shift reflects changing expectations around trade policy outcomes and suggests reduced uncertainty in the business community. Market participants watching inflation trends and policy signals should monitor how shelter costs evolve and whether this corporate confidence sustains as economic data becomes more complete.