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TRX $0.3178 Markets · News brief
Core US inflation holds at 0.3% as Waller's half-point December hike stays in play
October headline CPI slowed to 0.4%, but core prices matched the level Waller tied to considering a 50-basis-point December move.
Key takeaways
- Headline eased. Monthly headline CPI slowed to 0.4% from 0.6% in September, per the Bureau of Labor Statistics.
- Core held steady. Core CPI, excluding food and energy, rose 0.3% for a third consecutive month.
- Waller's condition. Before the release, Waller said core CPI around 0.3% or higher would warrant considering a 50-basis-point December hike.
What happened
US monthly headline inflation slowed in October, but core prices continued to rise at the same pace recorded in the two prior months, according to Bureau of Labor Statistics data released Nov. 10. Consumer prices increased 0.4% from September on a seasonally adjusted basis, following a 0.6% rise the previous month. Core CPI, which strips out food and energy, rose 0.3%.
The core figure matched the approximate level Federal Reserve Governor Christopher Waller had linked to a larger December rate move. In prepared remarks delivered earlier the same day, before the data was published, Waller said a core CPI reading around 0.3% or higher would warrant considering a 50-basis-point hike in December if the report resembled the preceding two monthly readings. He had otherwise leaned toward 25 basis points.
The reports do not establish how Waller assessed the data after its release, nor do they indicate any decision by the Federal Open Market Committee. Waller's remarks stated that the views were his own and did not necessarily represent those of colleagues on the Fed Board or the FOMC.
Crypto markets traded lower following the release. Cointelegraph reported that total crypto market capitalization fell 1.6% over 24 hours to $2.57 trillion, with Bitcoin near $73,274, down 2%, Ether down nearly 5% at about $2,028 and Solana down 5.6% at $82, citing CoinGecko data.
