US October CPI unexpectedly accelerated: headline CPI rose 0.4% MoM and core CPI (ex food and energy) rose 0.3% MoM. The Bureau of Labor Statistics did not publish a YoY inflation rate because data collection was disrupted during last year’s government shutdown. Two-year Treasury yields jumped after the release; the two-year is highly sensitive to shifts in Fed rate expectations. The print has pushed markets to price a higher probability of additional rate hikes next year.