The recent stock rally following better-than-expected inflation data is a "foreteller" of what's to come over the next few months, Hessam Nadji, President and CEO of Marcus & Millichap, told CNBC this week.

"It goes to show that even early signs of recession perhaps being delayed or going back to the soft landing scenario that people have given up hopes on, because the Fed has been so aggressive on interest rate increases, can make a difference in the psychology and the confidence level in the investment community," Nadji told CNBC.

Nadji was referring to economic data released last Thursday showing that the Consumer Price Index moderated to a 7.7 percent gain year-to-date through October. Analysts had predicted 7.9 percent, while the YTD figure stood at 8.2 percent through September. In response, the S&P 500 ticked up 5.5 percent, its best performance in a single day since April 2020.