Key facts
- Core CPI rose 0.3% in October against forecasts for 0.2%, per the report, and food prices rose 0.5%.
- Fed Governor Christopher Waller said he is leaning toward a December increase and would consider 50 basis points.
- BlackRock's iShares Bitcoin Trust recorded a seventh straight session of redemptions, losing $213.2 million on November 9.
- Bitcoin traded roughly $32,000 below its price a year earlier, per Bitcoin Magazine Pro data.
- The October CPI report carries no annual inflation rate because the October 2025 shutdown limited price collection.
- Bank of America estimated before the release that annual rates were near 3.8% headline and 2.7% core.
Bitcoin traded near $73,500 on November 10, down about 1% over the past day, after a US inflation report came in above forecasts and traders increased bets on a larger Federal Reserve rate increase in December, according to Bitcoin Magazine Pro data.
The consumer price index rose 0.4% in October, above the 0.3% economists expected, and core CPI, which strips out food and energy, climbed 0.3% against forecasts for 0.2%. Food prices rose 0.5% on the month, energy 0.7%, gasoline 1.0% and housing costs 0.3%. The report carries no annual inflation rate: the government shutdown in October 2025 kept the Bureau of Labor Statistics from collecting a full set of prices. Bank of America estimated before the release that annual rates were running near 3.8% for headline and 2.7% for core.
Bitcoin had been holding near $74,300 in the minutes before the 8:30 a.m. ET release. It dropped to about $73,400 right after the print, briefly undercutting Monday's overnight low of $73,477, before steadying in the high-$73,000s. It had already lost about 1.4% from midnight UTC before the data.
Two- to five-year Treasury yields rose at least 10 basis points on the day, and traders boosted bets on a half-point increase when the Fed meets on December 9. Fed Governor Christopher Waller said hours earlier that he is "leaning toward" a December increase and would back "more robust action" if inflation ran hotter than expected. "In that case, I believe a 50 basis point hike in the policy rate should be considered at the December meeting," Waller said. "Hiking only 25 basis points would put our credibility at risk, a risk I am not eager to take." Markets had largely priced in a quarter-point move before the data.