October CPI lifts December 50 basis point Fed hike odds to 11%

October CPI rose 0.4% and core CPI 0.3%, both above forecasts. After the release, Polymarket odds of a 50 basis point Fed hike in December rose from under 1% to 11%, while a 25 basis point increase stood at 85%. Fed Governor Christopher Waller said core inflation near 0.3% or higher would make a half point move an option. Economists remain split on the December outcome.