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Rate Trading Rose in October and a Fed Governor Leans Toward Backing a December Hike

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  • U.S. stocks fell on Nov. 10, 2026, with the S&P 500 down 0.94% to 7,478.79, the Nasdaq Composite down 1.61% to 24,847.02, & the 10-year Treasury yield rising to 5.01% from 4.86%.
  • The Bureau of Labor Statistics reported the October CPI-U increased 0.4% seasonally adjusted, following a 0.6% rise in September, while core CPI (excluding food & energy) rose 0.3%.
  • The BLS could not publish 12-month percent changes for October 2026 due to a lapse in appropriations preventing October 2025 data collection.
  • Federal Reserve Governor Christopher J. Waller stated he leans toward a 25 basis point rate hike at the Dec. 8-9 FOMC meeting, though a 50 basis point hike could be considered if core inflation remains around 0.3% or higher.
  • CME Group reported October average daily volume (ADV) reached a record 30 million contracts, a 15% increase from October 2025, with interest rate ADV rising 28%.
  • Intercontinental Exchange reported October total ADV up 14% year over year & third-quarter net revenues of $2.8 billion, a 15% increase.
  • Tradeweb Markets reported October total trading volume of $78.9 trillion & ADV of $3.6 trillion, both up 26.3% year over year, driven by rate derivatives & swaps activity.
  • Nasdaq Inc. reported third-quarter net revenue of $1.5 billion, a 13% increase, & announced plans to begin 23/5 trading on Dec. 6, 2026.
  • BGC Group reported third-quarter revenues of $832.6 million, a 13% increase, & FMX UST average daily volume grew 40% to $83.0 billion.
  • The BLS has scheduled the November CPI release for Dec. 10, 2026, at 8:30 a.m. ET, one day after the conclusion of the FOMC meeting.
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