The U.S. CPI in November was 2.7% year-on-year and the core CPI was 2.6% year-on-year, a new low. However, Wmax determined that the data was affected by the government shutdown and had statistical deviations. The actual core inflation may be close to 3.0%. The U.S. dollar index fell and gold rose as expectations for a rate cut by the Federal Reserve increased. December data will verify the true inflation trend.