Global equity markets are set for a rollercoaster ride as the US CPI data comes in much higher than expected across the board with CPI coming in at 8.2% vs. 8.1% as expected. Core CPI (MoM), which the Fed is looking at closely, came in higher at 0.6% vs. 0.5% expected, while core inflation year over year for September came in at 6.6% vs. 6.5%.
Another sticky point for the Fed was shelter and rental inflation, which also came in higher than expected at 0.7% and 0.8% in September.
Fed Swaps have now fully priced in a 75-basis point interest rate hike in November, which could see global markets under immense pressure and possibly heading for a recession

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