Balance is important
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| U.S. CPI (October) | Result | Market Expectation | Previous |
|---|---|---|---|
| Overall MoM | 0.4% | 0.3% | 0.6% |
| Core MoM | 0.3% | 0.2% | 0.3% |
Year-over-year, the October 2025 survey was conducted during a government shutdown, so the YoY figure was not disclosed.
On a numeric basis, CPI was only slightly higher than expected, but with market caution already elevated due to comments from Fed Governor Waller prior to the release, the market showed a notably negative reaction. Given that the market itself has been unstable due to AI and semiconductor selling, it’s hard to deny that price movements were amplified.
Waller hawkish shift?
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