CICC: Inflation stickiness persists, supporting the Fed to continue raising rates.

CICC research report indicates that US October CPI rose 0.4% month-on-month seasonally adjusted (0.6% last month), and core CPI rose 0.3% month-on-month (0.3% last month), both above market expectations. The US government shutdown in October last year meant no economic data was released, so year-on-year data is missing. Overall, inflation stickiness remains strong, with core CPI rising 0.3% month-on-month for the third consecutive month, supporting the Fed's continued rate hikes. Recently, Fed Governor Waller suggested that a 50 basis point rate hike in December cannot be ruled out.