The sensitivity of this data lies in the fact that the core CPI exactly reached the 50 basis point threat condition previously mentioned by Waller. FedWatch data shows that the market currently rates a 25 basis point rate hike in December with an 87.3% probability, and a 50 basis point hike with a 12.7% probability. Inflation demands a rate hike; Financial markets and politicians do not demand a rate hike. As for timing, high inflation is pushing up long-term bond yields and the cost of new debt issuance, and not cutting rates does not mean a decrease in government debt issuance costs. There is also a crucial point here: The November CPI will not be released until mid-December, and the FOMC will not see the data on December 9th. In other words, the Fed will have to decide whether to raise rates by 25 or 50 basis points in an information vacuum. In other words, before December 9th, any rebound may be suppressed.