KEY TAKEAWAYS

• US inflation prints in the middle of a debt-supply week. The Bureau of Labor Statistics releases October CPI at 8:30 a.m. ET on Tuesday, Nov 10, and the Producer Price Index at 8:30 a.m. ET on Friday, Nov 13 (BLS release schedule).
• $125 billion of Treasury supply surrounds the print. The quarterly refunding sells a $58 billion 3-year note on Monday, a $42 billion 10-year note on Tuesday and a $25 billion 30-year bond on Thursday, raising about $28 billion in new cash (US Treasury).
• London hosts the central bankers. Fed Governor Christopher Waller speaks at the Bank of England and its Watchers Conference at 4:00 a.m. ET on Nov 10, ECB chief economist Philip Lane gives the keynote at 16:45 London time, and BoE Deputy Governor Clare Lombardelli speaks at 12:30 p.m. (Federal Reserve calendar, ECB weekly schedule, Bank of England events).
• UK growth data lands Thursday. The ONS publishes its first estimate of Q3 GDP at 7:00 a.m. UK time on Nov 12 (ONS release calendar).
• African inflation is heading the wrong way. Kenya's annual inflation rose to 7.3% in October from 6.8% (Central Bank of Kenya weekly bulletin), and Ghana's rose to 5.5% (Ghana Statistical Service), days before Ghana presents its 2027 Budget on Nov 12 (Ghana News Agency).
• South Africa's unemployment figure prints Tuesday. Stats SA releases the Q3 2026 Quarterly Labour Force Survey at 11:00 on Nov 10, the same day as US CPI (Statistics South Africa).

BLS Releases October CPI As Treasury Sells $125 Billion Of 3-, 10- And 30-Year Debt

This week the US Treasury market sets the price of new supply around an inflation reading. The Treasury sells $125 billion of coupon debt across three auctions (US Treasury), and the 10-year sale falls on the same day BLS publishes October CPI (BLS release schedule).

The previous report showed the CPI for All Urban Consumers rising 0.6% in September on a seasonally adjusted basis (BLS September CPI).

A second hot reading would hit buyers in the 10-year auction directly and leave the long end exposed until Thursday's 30-year sale, with a federal holiday in between.

Policymakers are watching the same tape.