"Today's core CPI print was below expectations. The number was expected to be higher due in part to residual seasonality and new source data that was incorporated in the health insurance calculation," she said.
GSAM has $2.7 trillion in assets under supervision.
Brad Conger, deputy chief investment officer at Hirtle Callaghan & Co., concurred that the October CPI figures were "obviously helpful" to the Fed.
The Fed has "been in a pause since July on the theory that the policy lags would feed through," Conger said. "Today's CPI validates that 'wait-and-see' approach."
The Bureau of Labor Statistics reported on Nov. 14 that the consumer price index rose 3.2% from a year ago in October, slightly below economic forecasts, and down from the 3.7% figure recorded in September 2023.
Economists were expecting a 3.3% annualized CPI figure for October, according to financial data firm FactSet Research Systems.
Excluding the volatile food and energy sectors, the core CPI rose by an annualized 4% in October 2023, the smallest such 12-month change since September 2021, partly driven by a 5% monthly decline in gasoline prices.
The Federal Reserve has considered the inflation rate a key factor in its monetary policy.