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