ZTrader Macro & AI Notes

ZTrader Macro & AI Notes

Why October CPI Has No Annual Rate and Still Moved the Fed

The shutdown erased the base month, but BLS’s own method puts annual inflation near 4.0%.

Dorian's avatar
Dorian
Nov 10, 2026

By Dorian

The October CPI report arrived without its most quoted number.

The numbers that did arrive helped push the 2-year Treasury yield up by nearly two-tenths of a percentage point by mid-morning.

Traders who waited for an annual rate to confirm the trend found that the bond market had already priced it.

On Tuesday, November 10, the Bureau of Labor Stat…

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