Domestic bond market has strengthened YTD; pure-bond funds have delivered robust returns. Wind data as of Nov. 9 show several medium-to-long-term pure-bond funds, including Minsheng Jiayin Ruixia One-Year Open-Ended Bond and CITIC Prudential WenYue, are up more than 10% YTD. Fund manager Fu Yu said the fund's gains came from local government bond coupons, duration plays in rate bonds, leveraged carry and curve trades. From a valuation and crowding perspective, long-end yields are at historical l

US October CPI exceeded expectations: headline CPI +0.4% MoM and core CPI (ex food and energy) +0.3% MoM, the Bureau of Labor Statistics said Tuesday. BLS did not publish YoY figures because data collection was interrupted during last October’s government shutdown. This is the final CPI ahead of the Fed’s Dec. 8-9 meeting and should keep pressure on policy; investors price a rate increase at that meeting. Before the release, Fed Governor Waller said a core CPI print of +0.3% or higher could justify a 50bp hike. The report cites the Iran war, tariffs and a data-center boom among this year’s inflation drivers and shows rising price pressures ahead of midterm elections, where Democrats emphasized cost-of-living and regained control of both congressional chambers.

俄罗斯外交部长拉夫罗夫：西方国家正试图掌控包括能源和关键矿产在内的战略资源贸易。