The US Fed cut rates by -50bps a few weeks ago, then more recently, we learned the US labour market is still expectation-defyingly hot. To some this was a panic signal: will there be no more rate cuts this year? To others, it was a good thing: here comes that fabled soft landing. At this point, tonight’s US CPI data will likely be interpreted as evidence for one of two views: that the -50bps rate cut could have been too soon, or, that everything is fine. Should everything be perceived to be doing fine, we’re probably going to see a pretty good November: generally the best month for stock marke…