The US core Consumer Price Index rose more than expected in October, according to Bloomberg Economics. The increase, which excludes volatile food and energy prices, points to persistent inflationary pressure and could support a Federal Reserve rate hike next month. Markets now place a 94% probability on annual inflation reaching 3.7% in October, while the likelihood of inflation of 3.2% or less has decreased. The Bureau of Labor Statistics is still due to publish the official annual October inflation rate, while Treasury yields, inflation expectations and statements from Federal Reserve officials will be closely monitored.
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