Last Thursday, when the consumer price index numbers for October came out, the markets gave a big thumbs-up. Look at the graphs of the Dow Jones Industrial Average, the S&P 500, Nasdaq, and even the Russell 2000. They all jumped up from 2.7% to 5.7%. It was obvious that the improved inflation numbers were the sort of news the Federal Reserve had wanted.

And, sure, that is true, except, as Fed governor Christopher Waller said in Australia during a UBS hosted function, according to the Wall Street Journal, “The market seems to have gotten way out in front on this. Everybody should just take a deep breath — calm down. We have a ways to go yet.”

Ah, a downer, and stock markets have tempered a bit. This is a reminder to other financial markets, including the commercial real estate industry, that value and advantage tend to grow over time, not the sudden presentation of a benefit like a lottery ticket.

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