Headline CPI was 0.4% in October. Core CPI was 0.3%. Below expectations. Much cooler than September. Good to see core come down. That monthly core is a 3.3% annual rate.
Considering we've had false declines this year, probably want to see another month like this before we start thinking about turning the corner on inflation. But a very good month.
Shelter inflation still hot. But this index is lagging.
Food had its slowest month since last December.
Goods actually had a decline of -0.4%!
Today might also go down as one of the biggest stock market gains in the past few years.
If it wasn't for the FTX fiasco, I imagine the crypto markets would have enjoyed quite a rally as well.
In any case, the market edge lies in having a longer time preference than others.
The rate hikes will still take more time to fully take effect and reflect in the numbers.