Welcome to Seeking Alpha's Wall Street Lunch, our afternoon update on today's market action, news, and analysis.

Good afternoon. Today is Tuesday, November 14 and I'm your host Kim Kahn. Our

top story so far. It's the end of an era as far as the markets are concern.

Soft retail inflation numbers for October cemented the belief of investors that the Federal Reserve is done raising

rates following an unprecedented tightening cycle. Stocks soared while Treasury yields on the

dollar tumbled as data continues to support the possibility of a soft landing for the U.S. economy,

something many thought would be beyond Fed Chairman Jerome Powell and Company.

The Fed can't take their victory lap yet, but Chair Powell has to be smiling today,

Michigan economist Betsy Stevenson tweeted. The headline

CPI was flat last month compared to the forecast for a 0.1% rise. The annual

inflation rate fell to 3.2%. The core CPI, ex-food and energy, was 0.2%, tamer than the 0.3% rise predicted. The core

CPI rate dipped to 4% annually, still double the Fed's inflation target.

Janies Gila Ba'ba notes that health care costs were the biggest long run swing

factor.

Health insurance pricing and CPI gets reset only one time a year and it looks like it was

on the more moderate side.

That'll echo all the way to late 2024 which has policy implications he adds.

Wells Fargo economists say they do not see the latest data as a game changer

from inflation's path ahead.

With inflation in October held down by volatile components like gasoline, travel services,

and autos, we expect inflation's return to 2% will continue to be a slow grind.

But while economists express caution on the all clear, market reaction was swift and decisive.

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