US inflation 0.2pc, rate cut to follow (probably)

Inflation as expected

Headline US inflation once again came in at 0.2 per cent in October, continuing a string of similar results over recent months,

The headline rate of inflation was slightly higher at 2.6 per cent due the base effect (though by February and March some much strong comparative figures will be dropping out of annual result.

Inflation continues to be driven by shelter (0.4 per cent), which accounted for over half of the monthly all items increase.

Core inflation was 0.28 per cent for the month, though, and remains a bit high for comfort at 3.3 per cent.

Source: Bureau of Labor Statistics

Overall, this result was pretty much in line with expectations, and markets liked that there were no undue upside surprises.

The US 2-year treasury yield settled 6 basis points lower, as markets expect there to be enough headroom for another interest rate cut to be delivered in December. 

Today in Australia sees the release of the latest labour force figures, which markets expecting another solid increase in employment, and the unemployment rate holding at a low level of around 4.1 per cent.

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