US DATA: Oct CPI +0.2%, core unch for a 3rd month (-0.0072%
unrounded) for YOY rates of +1.2% overall and +0.6% core. YOY core has
its smallest YOY gain since this index was first reported, in 1957. Food
+0.1% as cereals, fruits, nonalcohol bevs fell but dairy and meats
surged. Energy +2.6% in the expected gain as gas & fuel oil jumped,
offset only partly by -0.4% nat gas. In core, apparel -0.3% (mens,
womens, infants clothing fell but shoes gained), tobacco -0.3%, and new
vehicles -0.2% (almost +0.4% NSA, so the drop was all in the seasonals,
same as in PPI, raising doubts that adjustment is good as new models
came on line earlier than historically usual). The negatives held down
the index. OER was just +0.1% but hotel costs -1.0%. Nothing to worry
about here for inflation.