Let's get to Kevin Green who joins me now for a closer look at what's on the docket this week. And of course, we're going to be seeing a lot of data hitting the tape. We've got some PCE, we've got the PPI, we're going to get a little bit more of an information updates on the broader inflation picture, but of course coming amid a holiday shortened week.KG, what are you going to be looking out for. >> Yeah, on the economic calendar, really tomorrow is going to be the big headline day, I think, for the week. Y ...

美国劳工统计局取消了其10月份的消费者价格指数（CPI）报告，该组织称鉴于美国政府停摆，无法追 溯收集部分数据。该机构表示，它可以获取本月的大部分非调查数据，并将"在可能的情况下"在11月份 的CPI报告中发布10月份的数值。但11月份的报告将不包括那些缺失了10月份数据项目的11月份环比百 分比变化。11月份的CPI报告现在将于12月18日发布。值得注意的是，美联储12月议息会议结果公布是 当月11日，此前11月非农就业报告改期至12月16日发布，这意味着美联储官员在议息会议前无法获得关 键的"11月CPI报告+非农就业报告。" (本文来自第一财经) ...

Core Viewpoint - The U.S. government has eliminated certain "reciprocal tariffs" on agricultural products, responding to domestic demand and trade negotiations with partners [1] Group 1: Tariff Adjustments - The agricultural products exempted from "reciprocal tariffs" include coffee, tea, tropical fruits and juices, cocoa, spices, bananas, citrus fruits, tomatoes, beef, and some fertilizer products [1] - The adjustment in tariffs is influenced by the progress of negotiations with trade partners and the current demand and production capacity for certain products in the U.S. [1] Group 2: Economic Context - Rising inflation pressures have been a significant factor prompting the government to adjust tariffs, with recent electoral losses for the Republican Party indicating voter dissatisfaction with rising prices [1] - The U.S. Labor Department reported that the Consumer Price Index (CPI) has increased from 2.3% in April to 3% in September, with beef, coffee, and tea prices rising over 10% year-on-year in September [1]

美国白宫新闻秘书卡罗琳·莱维特12日警告，受联邦政府"停摆"影响，10月美国消费者价格指数(CPI)和就业数据统计报告"可能永远不会"发布，这 将导致美国联邦储备委员会在决策时"两眼一抹黑"。 莱维特12日在媒体简报会上说，即便联邦政府结束"停摆"，10月的CPI和就业数据统计报告也可能因数据收集和处理工作"永远受损"而无法发布， 这将导致美联储决策者"在关键时期两眼一抹黑"。莱维特同时称，民主党人"可能永久性地损害了联邦统计系统"。 由于美国国会民主、共和两党在医保相关福利支出等方面存在分歧，国会参议院未能在9月底上一财年结束前通过新的临时拨款法案，导致联邦政 府维持正常运转的资金耗尽，于10月1日起"停摆"。 本周，美国国会参众两院先后通过一项定于明年1月底到期的临时拨款法案，并于12日晚交由总统特朗普签署生效，创下43天纪录的联邦政府"停 摆"才得以结束。但鉴于两党仍需就该临时法案未能覆盖的多项其他年度拨款展开谈判，"停摆"仍可能重演。 另据美国《政治报》网站报道，劳工统计局发布的经济数据报告关乎全球的投资决策、美联储货币政策等一系列重要经济政策制定。业内人士数 周来持续警告，在美国金融市场和经济政策制 ...

Core Insights - Pakistan's Consumer Price Index (CPI) showed a "stable then rising" trend from May to September 2025, with a significant rebound in September due to rising food prices and energy cost adjustments, indicating ongoing inflationary pressures [1][4]. Group 1: CPI Trends - The CPI remained relatively low from the second quarter to early third quarter of 2025, but saw a notable increase in September [2]. - In May, the CPI increased by 3.46% year-on-year, continuing a downward trend since the high inflation of 2023, primarily due to improvements in the food supply chain [4]. - By July, the CPI rebounded to 4.1% year-on-year, with a month-on-month increase of 2.9%, significantly lower than the 11.09% recorded in July 2024, indicating a marked easing of inflationary pressures compared to the previous year [4]. - September's CPI surged to 5.6% year-on-year, marking the highest point in two quarters and ending a two-month decline [4]. Group 2: Drivers of Inflation - Energy prices were a key driver of inflation, with gas costs rising by 29.85% year-on-year and electricity prices increasing by 21.46% in July, contributing over 30% to the CPI [5]. - The Asian Development Bank approved a $130 million loan to support energy sector optimization, which is linked to adjustments in energy prices and domestic distribution system reforms [5]. - Food prices also exhibited seasonal and disaster-related volatility, with fresh vegetable prices soaring by 56% month-on-month in July, contributing 40% to the urban CPI increase, primarily due to supply shortages caused by summer rains [5]. - In September, food prices again became a significant inflation driver, exacerbated by flooding that disrupted crop harvesting and transportation, leading to simultaneous increases in grain and vegetable prices alongside energy price effects [5]. Group 3: Economic Impact and Policy Response - The fluctuations in CPI have significantly impacted livelihoods and business operations, particularly affecting low-income groups who are most vulnerable to rising food and energy prices, thereby diminishing household purchasing power [6]. - Businesses are facing dual pressures from rising raw material and energy costs, with some small and medium enterprises showing signs of production contraction [6]. - The market is closely monitoring the State Bank of Pakistan's (SBP) policy decisions, as the monetary policy committee has maintained the policy rate at 11% for four consecutive meetings to balance inflation control and economic recovery needs [6].

Core Insights - The U.S. Consumer Price Index (CPI) rose by 3% year-on-year in September, surpassing the 2.9% increase recorded in August [1] - The core CPI, excluding volatile food and energy prices, also increased by 3% year-on-year in September [1] - The release of the CPI data was delayed by over a week due to the ongoing federal government shutdown, which has now entered its fourth week [1] Economic Implications - The September CPI data may be the last significant official economic data available before the Federal Reserve's monetary policy meeting scheduled for October 28-29 [1] - The ongoing government shutdown may hinder the Labor Statistics Bureau's ability to release the October CPI data as planned [1] - The impact of the government's tariff policies on inflation and the potential effects of delayed or absent key data on the Federal Reserve's decision-making process are critical considerations [1]

Core Points - The December 2025 gold futures price closed at $4,126.90 per ounce on October 24, with a decline of 0.45% and a weekly drop of 2.05% [1] - Both gold and silver prices experienced significant declines, with high volatility persisting in the market [1] - Risk appetite has improved this week, with U.S. stock indices slightly below historical highs, negatively impacting safe-haven precious metals [1] - Following recent record highs, gold has faced substantial selling pressure, with prices dropping over 5% at the beginning of the week, marking the largest mid-week decline in years [1] - Gold ETF holdings have also seen a significant reduction, recording the largest single-day drop in five months [1] - Despite recent declines, gold prices have increased approximately 55% year-to-date, supported by ongoing trade tensions and geopolitical risks [1] - The U.S. Labor Department reported a 3% year-over-year increase in the Consumer Price Index (CPI) for September, up from 2.9% in August [1] - The core CPI, excluding volatile food and energy prices, also rose by 3% year-over-year in September [1] - Recent price trends indicate a potential period of volatility, which may drive speculation in the futures market [1] - The Chicago Mercantile Exchange raised margin requirements for gold futures by 5.5% and for silver futures by 8.5% on October 17 [1] - Analysts believe that the substantial gains followed by a delayed correction represent a healthy and inevitable tactical retreat [1] Silver Market - The December silver futures price closed at $48.41 per ounce, with a decline of 0.60% and a weekly drop of 3.38% [2]

Group 1 - The White House announced that due to Congress's failure to pass a temporary funding bill, critical data collection has been hindered, potentially leading to "devastating" economic consequences [1] - The government shutdown has entered its fourth week, marking the second-longest shutdown in U.S. history, with approximately 700,000 federal employees either furloughed or working without pay [1] - The core issue of the government shutdown stems from a stalemate between the two parties over healthcare benefits, preventing the passage of the temporary funding bill [1] Group 2 - The Consumer Price Index (CPI) report for September was released to allow the Social Security Administration to calculate cost-of-living adjustments for millions of retirees and other beneficiaries, despite the ongoing government shutdown [1] - The CPI report is a crucial reference for the Federal Reserve in determining interest rate policies, with traders increasing bets on two more rate cuts by the end of the year following the September CPI data release [2]

Core Insights - In September, the U.S. Consumer Price Index (CPI) increased by 3% year-on-year, up from 2.9% in August [1] - The core CPI, excluding volatile food and energy prices, also rose by 3% year-on-year in September [1] - Gasoline prices were a significant contributor to inflation, rising by 4.1% in September [1] Economic Data Summary - The month-on-month CPI increased by 0.3% in September, lower than the 0.4% increase in August [1] - The month-on-month core CPI rose by 0.2%, down from 0.3% in August [1] - The release of the CPI data was delayed by over a week due to the ongoing federal government shutdown [1]

Core Insights - The U.S. Consumer Price Index (CPI) increased by 0.3% month-over-month in September, with a year-over-year increase of 3% before seasonal adjustment [1] - The core CPI, which excludes volatile food and energy prices, rose by 0.2% month-over-month and also showed a year-over-year increase of 3% before seasonal adjustment [1] Summary by Category - **CPI Data** - September CPI increased by 0.3% month-over-month [1] - Year-over-year CPI growth stands at 3% before seasonal adjustment [1] - **Core CPI Data** - Core CPI increased by 0.2% month-over-month [1] - Year-over-year core CPI growth is also 3% before seasonal adjustment [1]