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US October CPI due tomorrow, futures put 9 December rate rise odds at about 77%

NewsFeeds update

GMX said US October CPI is due tomorrow at 8:30 Eastern time, with headline CPI expected up about 0.3% month on month and core up about 0.2%, and no year-on-year figure because of a 2025 government shutdown data gap. Futures put the odds of a rate rise on 9 December at about 77%.

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The story so far: December Fed rate hike odds

Fed Governor Waller said he would back a 25bp December hike even if October CPI improves, and 50bp if core CPI is about 0.3% or more. Waller said the Fed needs to take back at least its last three precautionary cuts, but is not super hawkish and will not raise rates by 150 or 200bp.

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  1. US October CPI due tomorrow, futures put 9 December rate rise odds at about 77%

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