Another Month, Another CPI Print

Key Points

US October CPI pushed YoY price index to 6.2% despite Energy and Used Cars being the absolute outliers among the constituents; front- and medium-term rates reacted stronger than longer-term rates

Early signs of property financing easing sent a breather to the recently distressed Chinese HY real estate market

Credit investors remain cautious with spreads moving sideways albeit declining downside hedges and perceived systemic risk; low beta carry and idiosyncratic risks remain our favorite picks

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