Key points
- The Bureau of Labor Statistics reported October consumer prices up 0.4% from September on the headline measure and 0.3% on core, which leaves out food and energy.
- On November 10, the day of the release, the 10-year Treasury yield closed at 4.98%, up from 4.88% at the prior close, and the S&P 500 lost 0.4%.
- No year over year figure is stated because the October 2025 index was never published. The next CPI report is due December 10, 2026 at 8:30 a.m. ET.
1What the BLS released
The Bureau of Labor Statistics (BLS) reported on November 10, 2026 that consumer prices rose 0.4% in October from September on the headline measure and 0.3% on the core measure. Headline inflation counts every item in the price basket. Core inflation leaves out food and energy prices.
These monthly figures use the seasonally adjusted index, which removes regular seasonal patterns from the data. The BLS did not publish an October 2025 index, so no year over year figure, the change from the same month a year earlier, is stated for either measure.
This note gives the October readings on their own. One release is one reading, and later revisions and later data can change the picture.
2How markets moved on Nov. 10
The table shows closing levels for two Treasury yields and two stock indexes on the day before the release and on the day of it. A yield is the yearly return a buyer earns on a bond at that day's price, and Treasuries are bonds the U.S. government sells.
| Measure | Prior close (Nov. 9) | Close (Nov. 10) | Change |
|---|---|---|---|
| 10-year Treasury yield | 4.88% | 4.98% | +10 basis points |
| 2-year Treasury yield | 4.56% | 4.73% | +17 basis points |
| S&P 500 | 7,549.94 | 7,520.93 | -0.4% |
| Nasdaq Composite | 25,253.14 | 25,065.88 | -0.7% |
Yields rose and both stock indexes fell on the day of the release. A basis point is one hundredth of a percentage point. The gap between the 10-year and 2-year yields was 25 basis points at the close.
3What it means for mortgage rates
The Federal Reserve does not set mortgage rates. Lenders price home loans off the 10-year Treasury yield and the market for mortgage-backed securities (MBS), which are bundles of home loans sold to investors, so those two readings link to what lenders charge.
Market Eyes Lock Radar, a read of mortgage rate conditions at a point in time, read 48 just before the release, at the LEAN LOCK tier. Its latest read on November 10 was 63, also at the LEAN LOCK tier, a change of 15 points. The read describes conditions at those moments and is not a forecast, and a bond market reading is not anyone's mortgage quote.
4Words in this note
- Headline inflation: the change in prices for every item in the price basket.
- Core inflation: the change in prices when food and energy are left out.
- Basis point: one hundredth of a percentage point.
- Yield: the yearly return a buyer earns on a bond at its current price.
- FOMC: the Federal Open Market Committee, the Federal Reserve group that votes on its main interest rate for overnight bank lending.
5What to watch
The table lists the next scheduled jobs report, FOMC rate decision and CPI release, with the date and time of each.
| Date | Release | Time |
|---|---|---|
| Friday, December 4, 2026 | Employment Situation (jobs report) | 8:30 a.m. ET |
| Wednesday, December 9, 2026 | FOMC rate decision | 2:00 p.m. ET |
| Thursday, December 10, 2026 | CPI inflation | 8:30 a.m. ET |
The jobs report is the government's monthly count of employment. Each release is one reading, and none of these dates says what the figures will show.
Sources
- BLS Consumer Price Index
- FRED CPI all items (CPIAUCSL)
- FRED CPI excluding food and energy (CPILFESL)
- U.S. Treasury daily par yield curve rates
- S&P 500 and Nasdaq Composite daily closing values
Every figure in this article was checked against its original source before publication. Editorial standards · Report an error
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