💥BREAKING: Today's hot CPI print shouldn't have caught anyone off guard if you read my earlier post. October was the last month oil was still climbing, so it was always going to push October inflation higher. Even so, headline CPI cooled to 0.4% from 0.6% in September, a sign that price pressure is easing even if the number looks uncomfortable. Core CPI, which strips out volatile food and energy prices, held steady at 0.3%, unchanged from the prior month. That suggests underlying inflation isn't accelerating, though it isn't falling quickly either. The more important point is timing. Oil has dropped about 20% since October 30, and none of that decline is in today's data. It will start showing up in November's report. If November CPI comes in cooler, the Fed has far less reason to keep raising rates after December. Easing rate pressure would lift one of the biggest weights on risk assets, which is good news for stocks, Bitcoin and the wider crypto market.