Will the November CPI report really shake up the markets? Based on the latest trading data, the answer might be disappointing.

Options traders' bets already say it all—they are betting that the S&P 500 index's volatility on the day will not exceed 0.7%. In other words, the market generally believes that this data is either inconsequential or of questionable quality, and won't cause a big wave.

For CPI data to truly impact the market, the threshold is extremely high. Only if there are results far beyond expectations—extreme outcomes—could the game be changed. But the results of the Federal Reserve's policy meeting in January next year are unlikely to be influenced by this report.

Interestingly, Fed Chair Powell's term is ending in May next year, which also disperses market focus on a single data point. Plus, with employment risks also affecting the Fed's nerves, CPI is no longer the only focus.

Another factor not to be ignored is seasonality. The stock market is currently approaching a traditional bull market cycle, and traders naturally tend to use seasonal logic to downplay the impact of inflation data. Everyone is expecting new all-time highs, and this sentiment is hard to break with a single data point.