Slightly lower October inflation lets the Fed reduce the upcoming December rate hike from 75bps to 50bps. That said, October inflation was 7.7% Y-o-Y, and while down from 8.2% in September, there’s way more ground to cover. Core also declined, to 6.3% Y-o-Y from September’s 6.6%, the highest rate since 8/82. This is good news, but a glide path to 2% remains distant, and thus so does a Fed pivot.