下周：最重要的一周。未来一周可能是第四季度最重要的一周。四家G10央行举行会议，两家，美联储和加拿大银行，市场有信心将下调政策利率。

Week Ahead: A Most Consequential Week.The week ahead could be one of the most consequential weeks here in Q4. Four G10 central banks meet, and two, the Federal Reserve and the Bank of Canada, the market is confident will cut policy rates.

美国、英国和日本创历史新高，全球风险反弹再次爆发。上周，受美国通胀数据疲软、政治不确定性缓解以及对全球贸易的重新乐观情绪的提振，全球市场恢复了风险。在美国，9月份CPI数据低于预期后，道琼斯指数和标准普尔500指数均攀升至历史新高，巩固了人们对美联储仍有望在年底前再降息两次的信心。

Global Risk Rally Reignites as US, UK, and Japan Hit All-Time Highs.Global markets resumed their risk-on momentum last week, buoyed by softer U.S. inflation data, easing political uncertainty, and renewed optimism over global trade. In the U.S., both DOW and S&P 500 climbed to fresh record highs after September CPI figures came in below expectations, cementing confidence that the Fed remains on track to deliver two more rate cuts by year-end.

每周底线：持续的通货膨胀、政府关门对美联储构成挑战。本周的商业展望调查、CPI通胀和零售销售报告为加拿大银行10月29日利率决定提供了最后的拼图。在CPI公布后，由于对降息的预期有所缓和，多伦多证交所曾短暂波动，但很快恢复，本周收盘上涨0.9%（截至撰写本文时）。

The Weekly Bottom Line: Persistent Inflation, Shutdown Pose Challenges for Federal Reserve.This week's Business Outlook Survey, CPI inflation and retail sales reports offered the final puzzle pieces before the Bank of Canada's interest rate decision on October 29th. The TSX briefly wavered after the CPI release on tempered expectations for rate cuts, but quickly recovered, finishing the week 0.9% higher (as of writing).

每周经济与金融评论：原油在制裁压力下上涨。这场大火不是为了通货膨胀，但9月份核心CPI 0.2%的涨幅是三个月来最小的，这使美联储有望在本周三的会议上再次降息25个基点。本周，现房销售市场也出现了复苏的迹象。

Weekly Economic & Financial Commentary: Crude Oil Pops Under Sanction Pressure.The fire is not out for inflation, but the 0.2% rise in core CPI in September was the smallest in three months and keeps the Federal Reserve on track to deliver another 25 bps rate cut at its meeting this coming Wednesday. There were also signs of life in the existing home sales market this week.