US October Core CPI Rises 0.3% M/M, Topping Forecasts

The missing year-over-year figure matters as much as the upside surprise: with annual comparisons unavailable after the shutdown disruption, this print gives the Fed a thinner basis for judging underlying inflation right before its December meeting. The core beat keeps the near-term policy path tilted toward tightening, a headwind for rate-sensitive risk assets, though the data gap complicates how much weight the report can carry. Whether subsequent releases restore the annual series — and how the Fed frames the gap in its December communication — is the open question.