With the US election two weeks away, caution is kicking in. Investors are concerned that whoever wins will flush the economy with stimulus, causing inflation to rise and interest rates to stay higher for longer, while Fed speakers are starting to suggest slower rate cuts could be coming. This is happening while Maersk$A.P.莫勒 - 马士基 (AMKBY.US)$, a bellwether for global trade, boosted its shipping rates again amid Red Sea attacks, and oil prices rebounded nearly 2%. So the risk markers the VIX, the US dollar, and bond yields all rose back to July levels suggesting caution is rising.