October CPI core print exceeds estimates for third month, Gordon Johnson notes

October CPI core print exceeds estimates for third month, Gordon Johnson notes
U.S. October CPI core inflation above estimates

U.S. consumer price index (CPI) data for October showed headline inflation at 0.4% and core inflation at 0.3%, with both figures coming in above estimates and marking the third consecutive month of core inflation above 0.3%.

Gordon Johnson, CEO and analyst at GLJ Research, noted that the Bureau of Labor Statistics was unable to publish a year-over-year figure due to a shutdown gap and estimated the headline inflation rate to be near 4%. Johnson described the Federal Reserve's continued balance sheet growth in this environment as reckless behavior.

Johnson has previously commented on Tesla’s strategic adjustments. He reported that Elon Musk cut Tesla’s 2030 annual car forecast from 20 million to 5 million units. In another note, he observed that Tesla’s Q3 deliveries grew 1.4 percent, with a decline in the U.S. offset by gains in China.

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