BofA economist Ethan Harris suspects the market still has not priced in enough given the high starting level of inflation means rates need to rise more to reach neutral. Analysts at BofA noted 75% of U.S. companies had beaten earnings estimates in the latest reporting season but forecasts for the fourth quarter were only flat, breaking more than a year of rising expectations. Gold XAU= meanwhile eased from a more than five-month peak hit last week, as investors assessed whether rising inflation would prompt a more aggressive response by central banks.