JANUARY RATE-CUT ODDS EDGE HIGHER November CPI undershot expectations, with headline inflation at 2.7% YoY and core CPI slowing to 2.6%, the lowest since March 2021. Markets are reacting modestly. Kalshi pricing shows the probability of a 25 bp Fed cut in January pushing higher, though a hold remains the base case. The data supports the easing trend, but January still appears borderline for action. https://kalshi.com/markets/kxfeddecision/fed-meeting/kxfeddecision-26jan?utm_source=walterbloomberg(*Walter Bloomberg)