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Inflation data for October in the United States sends multiple warning signals. The data shows that the core CPI rose by 0.3% month-on-month, higher than the market expectation of 0.2%, exceeding expectations for the third consecutive month; the overall CPI rose by 0.4% month-on-month, also above expectations. The impact of rising energy prices is spreading to areas such as food and transportation, and service inflation remains robust, further complicating the Federal Reserve's efforts to control inflation.Specifically, food prices in the U.S. rose by 0.5% month-on-month in October, with grocery prices recording the largest monthly increase since April; urban transportation service prices saw the largest monthly increase since 2020, and prices for airline tickets and delivery services also increased. Additionally, service prices excluding energy and housing rents rose by 0.4% month-on-month, while owners' equivalent rent increased by 0.3%.AI investments are bringing new cost pressures. Over the past three months, the annualized price increase for computers and peripheral devices in the U.S. reached 25%, and electricity prices rose by 0.9% month-on-month in October, marking the largest increase in six months. Morgan Stanley estimates that AI-related factors have contributed about 6 basis points to the core CPI this year, with the current impact still relatively limited, but as data center investments expand, related pressures may rise further.In terms of monetary policy, Chicago Fed President Goolsbee described the latest inflation data as approaching an alarming level. Fed Governor Waller previously stated that if the core CPI month-on-month increase reaches 0.3% or higher, the December meeting should consider raising interest rates by 50 basis points. Goldman Sachs has included a forecast for an additional 25 basis point increase in March 2027, expecting that the target range for the federal funds rate will rise to 4.25% to 4.50%. However, some economists warn that there is a lag in the transmission of energy prices, and over-reliance on current data may lead to excessive tightening of monetary policy.

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The U.S. October CPI exceeded expectations for the third consecutive time. Waller stated that a rate hike of 25 basis points in December is possible, and a 50 basis point hike cannot be ruled out. U.S. Treasury yields surged, with the ten-year approaching 5%. Saxo Bank pointed out that the market has fully priced in a rate hike in December, and the dollar has rebounded strongly.

Initia posted on platform X to disclose the progress of the security incident investigation, stating that on November 9, attackers exploited leaked GCP keys (used to configure private nodes) to illegally access Initia's infrastructure through a command injection attack, thereby obtaining its GitHub, GCP accounts, and more credentials, and gaining access to the Rollup hosting platform Anvil, which was used to forge 5 IBC withdrawals for Rollup validation, unlocking assets in Initia's L1 IBC hosting account.Approximately $3.27 million in assets was transferred to the attackers' address, while another $2.16 million in stolen funds remains on the suspended L1 and cannot be transferred. After selling the stolen assets on Initia DEX, the attackers withdrew 13,400 TIA, 8,000 USDC.inj, and 597,000 Noble USDC, without transferring any INIT. Initia stated that it plans to fully restore the affected assets and will rebuild the infrastructure in an isolated environment, with the expected restart time being longer than a regular network restart; asset recovery efforts are still ongoing with the assistance of law enforcement and security partners. Previously, it was reported that Initia L1 had suspended operations on November 10 at 14:18.

Overall and core inflation rates in the U.S. for October exceeded expectations, which may keep the Federal Reserve on track for interest rate hikes next month. According to data released by the Bureau of Labor Statistics on Tuesday, the Consumer Price Index excluding food and energy rose by 0.3% from the previous month. Overall prices increased by 0.4%. Due to the interruption in data collection during the government shutdown last October, the Bureau of Labor Statistics did not release year-on-year changes.The report shows that price pressures continue to mount ahead of this month's midterm elections, with the Democratic Party focusing primarily on the cost of living to regain control of both houses of Congress. This year, the war in Iran, tariffs, and the boom in data centers have all fueled inflation. This is the last CPI report that Federal Reserve officials will see before the policy meeting on December 8-9. Investors expect that they will raise interest rates at this meeting to address inflation.Before the release, Federal Reserve Governor Waller stated that if core CPI rises by 0.3% or more, the Federal Reserve may need to raise rates by 50 basis points.

After the CPI data was released, the yield on U.S. Treasury bonds expanded its gains, with the latest 10-year Treasury yield rising by 9.03 basis points to 4.952%.The latest 2-year U.S. Treasury yield increased by 16.54 basis points to 4.715%.

U.S. October seasonally adjusted CPI monthly rate 0.4%, expected 0.3%, previous value 0.60%.U.S. October seasonally adjusted core CPI monthly rate 0.3%, expected 0.20%, previous value 0.30%.

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According to CoinDesk, Bitcoin traded below $75,000 on Tuesday morning as the market awaited the U.S. October CPI data. Economists expect the overall CPI to rise 0.3% month-over-month, with core CPI rising 0.2%, both slowing compared to September. Due to the U.S. government shutdown last October, the Bureau of Labor Statistics was unable to compile a complete index, so there is no year-over-year data this time.BRN analysts stated that any easing of inflation expectations would benefit risk assets, but Bitcoin needs real buying pressure. Until ETF fund flows turn positive and the Federal Reserve shifts to a dovish stance, the path of least resistance remains downward. Bitget Wallet analysts believe that moderate inflation data could trigger a brief rebound, but Bitcoin's sustained recovery depends on improved liquidity and spot demand. Analysts pointed out that if Bitcoin closes below $73,000 on a daily basis, it could trigger momentum selling down to $70,000; the $73,000 to $74,000 range is a key support zone, and reclaiming and holding above $80,000 would indicate increased demand.

The U.S. October CPI inflation report will be released at 21:30 Beijing time, but this report will lack the year-on-year data for CPI and core CPI.The reason is that the U.S. government shutdown in October 2025 prevented staff from collecting price data for that month, resulting in a lack of reference for this year. The U.S. Bureau of Labor Statistics is unable to calculate year-on-year data, and the market can only rely on month-on-month data to assess the inflation situation.Economists expect that the U.S. October 2026 CPI will rise by 0.3% month-on-month, and core CPI will rise by 0.2% month-on-month, with growth rates cooling down.

The on-chain gold and foreign exchange trading platform XStable has launched the CP points program, allowing users to earn CP by trading eligible markets such as gold, silver, foreign exchange, and crypto assets, and participate in a 20% dividend of the platform's revenue for each period based on effective point weight. Newly added CP in the current period enjoys a 2x dividend weight. The official website has also launched the first "Original Shareholder" activity identity and previewed the upcoming CP blind box.It is reported that XStable previously disclosed investments from institutions such as YZi Labs, Sui Foundation, Taisu Ventures, CatcherVC, and received support from Solana, Amber Group, KuCoin Ventures, Singchain, accumulating millions of dollars in financing and exceeding ten billion dollars in total trading volume.

Next week, the U.S. October CPI, PPI, and speeches from several Federal Reserve officials will become the market focus. Previously, the U.S. added 165,000 non-farm jobs in October, and the unemployment rate fell to 4.1%, raising expectations for interest rate hikes. LSEG data shows that the implied probability of a Federal Reserve rate hike in December has risen to about 80%, with the market expecting that this cycle may see two more rate hikes, each by 25 basis points.In terms of inflation data, the U.S. October CPI will be released at 21:30 Beijing time on November 10, and the PPI will be released at 21:30 on November 13. ING expects that the overall CPI and core CPI will both rise by 0.3% month-on-month, which is sufficient to support a high probability of a rate hike in December. Monex's macro research director Nick Rees believes that unless the October CPI is significantly lower than expected, or the November employment report released on December 4 shows a clear weakness, the market is expected to have almost fully priced in the 25 basis point rate hike by the time of next month's meeting. Officials such as Waller, Bowman, Barr, and Jefferson will speak or participate in discussions during the week.According to Eastern Time, CoreWeave will release its third-quarter results after the market closes on November 10, Nebius will release its third-quarter results before the market opens on November 12, and Cisco will release its first-quarter results for fiscal year 2027 after the market closes on November 12. Anthropic plans to officially launch its IPO roadshow as early as the week of November 9. Geopolitically, the U.S., Russia, and Ukraine plan to hold working-level negotiations in Abu Dhabi from November 10 to 11. The head of the Ukrainian president's office, Andriy Yermak, stated that he does not expect breakthrough results from this meeting but believes that the resumption of face-to-face talks itself is progress.

Inflation has erased all wage increases for American consumers since the pandemic began in 2020. Since April 2020, consumer prices in the United States have risen by a cumulative 31.3%, reaching a record high in September, while the average hourly wage has only increased by 25.9% during the same period.Additionally, CPI inflation has been above the Federal Reserve's 2% target for 67 consecutive months, marking the third-longest record in the past 100 years. Only two longer periods have lasted 242 months, ending in 1986, and 128 months, ending in 1997. Inflation continues to erode the purchasing power of Americans.