Earlier this month, in the absence of economic data, investors focused their attention on third quarter earnings. With 91% of S&P 500 companies reporting, 82% recorded an upside surprise to earnings while 77% posted a surprise jump in revenue, according to FactSet. That outcome comes despite the tariff war, the government shutdown, and above target inflation. Inflation, while off the “boil,” seems stalled above the Fed’s 2% target, while the government shutdown was on the verge of seriously damaging consumer confidence.