According to Saxo Bank, the U.S. 10-month CPI beat expectations for the third consecutive month on October. In response, Federal Reserve official Christopher Waller indicated December could see a rate hike of 25 basis points, with a 50 basis point increase not ruled out. U.S. Treasury yields surged following the data, with the 10-year yield approaching 5%. The market has fully priced in a December rate hike, with the U.S. dollar rebounding strongly.

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