Brent Donnelly, president of foreign exchange trading firm Spectra Markets, said October's higher-than-expected inflation will force traders to reassess whether the Federal Reserve will cut interest rates again next month. Otherwise, Wednesday's data will be lackluster, "but the only outcome that will really boost the macro economy will be a big surprise upside," Donnelly wrote. "This will put a December Fed rate cut in jeopardy and place the starting point for Trump's inflation risk at a higher level." Economists surveyed by The Wall Street Journal expect the data to show a 0.2% month-on-month increase in October and a 0.3% increase in the core CPI, which excludes food and energy prices.