Wall Street Breakfast: Cheers!

Cheers! Investors are bringing out their champagne glasses to celebrate the latest CPI report, which was “clearly a shock to the consensus” as the rate of inflation fell more than expected in October. Stocks soared and Treasury yields tumbled after headline inflation flatlined month-on-month, an impressive feat that has so far excluded the start of a recession. Core inflation numbers were also striking, with the figure climbing by a lower-than-expected 4% Y/Y to mark the lowest reading since September 2021. SA commentary: “I have been preaching for the past year that the rate of inflation would fall as fast as…