America EXPORTED more gold in 3 months than in any full year from 1999 to 2024
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Source: Katusa Research
October CPI data: • Headline CPI: +0.4% vs. +0.3% expected. • Core CPI: +0.3% vs. +0.2% expected. • CPI Index: 337.51 vs. 337.02 expected. S&P 500 futures are trading down 0.5%, while those linked to the Dow Jones Industrial Average are around the flatline. Nasdaq-100 futures slip 1.2%. The yield on the 10-year Treasury note is up by more than 7 basis points to 4.938%. The yield on the 2-year Treasury note, which more closely follows short-term Fed rate decisions, climbed more than 15 basis point to 4.698%. Just hours before the report, Fed Governor Christopher Waller warned that a 50-basis-point hike should be considered if Core CPI came in at 0.3% or higher. He also said a 25-basis-point hike could put the Fed's credibility at risk. This CPI report adds to recent economic data that are not helping either. • Core PCE inflation: 3.1%. • Headline PCE inflation: 3.6%. • October jobs added: 165K vs. 65K expected. • Unemployment: 4.1% vs. 4.2% expected. • September PPI: +1.3% in a month. • Two Fed officials voted for a hike in October. CME FedWatch is now pricing in a nearly 100% chance of a December rate hike. Kalshi odds for the Dec FOMC: Hike >25 bps: 12% (was 5%) Hike 25 bps: 82% (was 88%) Fed maintains rate: 4% (was 8%) Source: CNBC, Bull Theory, Wall St Insider
Source: Money Lion

