INTRADAY ALERT: 'Soft' Oct CPI with only 7 of 31 Core components seeing inflation. Wow. Face ripper intact. YE rally thesis intact.

A "face ripper" rally is underway as today's October CPI report vastly undershot consensus.

Core CPI came in at +0.23% MoM vs consensus +0.30% As we noted in multiple notes this week, Consensus was leaning "hotter" as many forecasts at +0.34% to +0.38% The softside reading came in the right places- Shelter slowed to +0.30%, among the slowest readings all year (42% weight)- cars still tanking used and new (>12% weight) But the bigger story seems to be inflation could ...

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