Inflation, Record Highs & Metal Catalysts — CPI, Fed, and Mining Moves
As of 2025-10-25, markets are digesting a cooler September CPI, rising odds of near-term Fed easing, and fresh record highs in U.S. equities. In parallel, investor interest in metals is building, with updates across silver (Haldane), a VMS concept at Nine Mile’s Wedge trend, and American Tungsten’s development pivot. Below, we connect the macro, market momentum, and metal catalysts shaping near-term positioning.
Key CPI Report — Market and Fed Implications
September CPI undershot some forecasts: headline rose 0.3% m/m and 3.0% y/y; core (ex-food & energy) rose 0.2% m/m and 3.0% y/y—still above the Fed’s 2% target but far from “runaway” inflation. Markets read the print as disinflationary enough to keep the Fed on a cutting path, with front-end rates slipping and risk assets firming. The CME FedWatch tool shows high conviction for a cut next week and rising odds of another by December, consistent with broader reporting that the Fed remains on track to ease. Sources: CNBC, Investopedia, CME, Bloomberg.
Beneath the surface, tariff-sensitive goods showed pressure (apparel +0.7% m/m, sporting goods +1.0%), while smartphones fell (-2.2% m/m, about -14.9% y/y). Services cooled at the margin, with shelter +0.2% m/m and owners’ equivalent rent +0.1%, the softest since early 2021—an encouraging sign for core services disinflation. Watch how tariffs and shelter trends interact in coming prints. Sources: CNBC, Investopedia.
Stocks Reach Record Highs — Market Drivers and Investor Playbook
U.S. indexes set new intraday and closing records as the softer CPI pushed rate-cut odds higher; the Dow closed above 47,000 for the first time. Gains were led by tech and semiconductors—names like AMD and IBM broke to records on partnership and innovation headlines—while earnings dispersion remained a theme (e.g., Ford up on strong results vs. pressure in select discretionary names). Sources: Investopedia, CNBC.
Positioning implications: record highs argue for disciplined risk budgeting and a tilt toward durable earnings over momentum. If easing unfolds, duration-sensitive sectors (long-duration tech, REITs/mortgage-linked) stand to benefit—contingent on confirmation from yields and the curve. Strategists note that benign inflation readings could sustain an advance toward further S&P 500 records if the trend persists. Sources: Investopedia, Inc.
Haldane (Silver North) — Current Exploration Update
Silver North Resources (TSX-V: SNAG) is executing follow-up drilling at the Haldane Project in Yukon’s Keno Hill district, targeting the Main Fault and down-dip/along-strike extensions of 2024 vein discoveries. Management reports multiple intersections of high-grade silver and gold guiding 3D model refinement for next season’s targets. A prior program highlighted a ~28.36 m structural interval with stacked silver-bearing veins, now being tested down-dip and along strike. Sources: Mining.com.au, JuniorMiningNetwork, SilverNorth.
District context is favorable: Keno Hill offers a rich technical history and infrastructure that can reduce exploration-to-resource risk versus greenfield peers. Near-term catalysts include assay releases (pending), updated structural models, and potential 2026 program plans; recent on-site commentary from the CEO provides additional color. Sources: Mining.com.au, YouTube.
Nine Mile’s Wedge Multi-Metal System — Investor Snapshot
Nine Mile Metals (CSE: NINE) is re-evaluating the historic Wedge Mine trend in New Brunswick’s Bathurst Mining Camp with modern tools and legacy datasets. The thesis: integrate archival mine records, targeted geophysics, and XRF to test whether Wedge is part of a larger, multi-metal VMS system—an approach that can re-rate prospects in established districts if drilling validates broader mineralization. Sources: Mining.com.au, YouTube, NineMileMetals.
Key watch items: initial and follow-up drill results, new geophysical or structural interpretations, and any resource or technical disclosures. This remains early-stage—expect volatility until consistent, drill-defined mineralization is demonstrated. Source: Mining.com.au.
American Tungsten — Growth Plan: What to Watch Next
American Tungsten (CSE: TUNG; OTCQB: TUNGF) has transitioned from planning to execution at Idaho’s Ima Mine: D-level access rehabilitation (~1,000 ft) is complete, underground development for drill stations is underway, and an initial 5,000 ft underground diamond drill program is contracted to start mid-November 2025. In parallel, WSP is advancing flowsheet work (gravity, flotation, X-ray sorting), preliminary PFDs/mass balances, and initial CAPEX estimates to assess a shift from DSO to onsite milling. Sources: Newsfile, Mining.com.au.
Financing momentum has been positive (a sizable private placement toward a C$20M target), reflecting investor interest in U.S. tungsten supply amid strategic-materials tailwinds. The move to onsite milling can enhance value capture and control but introduces higher CAPEX and execution risk; WSP’s metallurgical outputs are the gating inputs for economics. Watch drill results, metallurgical outcomes and CAPEX indications, permitting/community milestones, and any follow-on financing needs if a mill is pursued. Sources: Mining.com.au, Finimize, X.
Conclusion:
With official data flow constrained by the federal shutdown—CPI was published due to statutory requirements—expect wider uncertainty bands around the macro narrative. Focus on the Fed meeting and CME odds, the path of shelter and tariff-sensitive categories, and confirmation from yields and the curve. In metals, near-term value drivers are binary: assays, technical studies, and funding milestones. Use duration and sector exposures tactically while you track these catalysts. Sources: CNN, CNBC, CME.
