Well, last night’s CPI just threw the rate-cut script out the window 😂📉

Morning traders! How’s everyone’s blood pressure after watching the US October CPI drop last night?

The market was really hoping inflation would finally take a chill pill. Instead, the data came in hot: headline CPI rose 0.4% MoM (vs. 0.3% expected), and core CPI jumped 0.3% (vs. 0.2% expected). From groceries to rent, prices are refusing to back down.

The moment those numbers hit the screen, the whole market flipped:

1. The Fed is back in full hawk mode 🦅

Fed Governor Waller previously hinted that a 0.3% core print puts a bigger hike back on the table—and last night’s number hit that trigger right on the nose. Traders are already pricing in odds of a 50 bps hike in December, sending the US dollar and Treasury yields straight up.

2. Gold took a heavy hit 🥇💦

Gold bulls had a rough night. Getting squeezed by both a stronger dollar and surging yields, spot gold dropped nearly 3% toward the $4,000 mark before catching a small breather around $4,030 this morning. Nothing wrong with gold itself—just hard to fight higher-for-longer rates.

3. Heads-up for tonight: No EIA data! ⚠️

If you usually stay up on Wednesdays for US crude oil inventories, save your sleep tonight. With the US observing Veterans Day today (Nov 11), the EIA report is pushed back to tomorrow. Since the US bond market is also closed, expect thinner liquidity tonight—watch out for random stop-hunting wicks!

💬 Trader’s Note:

Right now, fundamentals and market mood are pulling in opposite directions. Don’t get reckless trying to catch falling knives around $4,000—keep your lot sizes sane and your stop-losses tight.

Did you survive the CPI rollercoaster last night, or did it catch you off guard? Drop your war stories below! 👇

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