WSJ's Timiraos: It's obvious, the Fed is on hold

There is no pushback from the WSJ's Fedwatcher in regards to the latest CPI data.

The October payroll report and inflation report strongly suggest the Fed's last rate rise was in July. The big debate at the next Fed meeting is shaping up to be over whether and how to modify the postmeeting statement to reflect the obvious: the central bank is on hold.

The market certainly agrees with almost no chance of another hike priced in. Treasury yields are down 10-16 bps across the curve and S&P 500 futures are up 1.3%. The US dollar is broadly 60-70 pips weaker and remains near session lows.