Equities were mostly steady on Monday to start the week. The S&P 500 advanced less than 0.25% to set a new all-time high in the process. Traders are focused on earnings and the economy with the October reads of CPI and PPI due out this week. Both the CPI and PPI are expected to accelerate on a month-to-month basis, the question is by how much.

With the FOMC already set to begin tapering, a hotter than expected number will move up the timeline for interest rate hikes as well. The CME Fed watch tool is expecting at least one interest rate hike by June 2022, if inflation continues to rise unabated that could easily become May or even April. The takeaway for investors is that, as bad as rising rates are, it will be quite some time before interest rates put a cap on economic growth.