The week ahead in numbers: wholesale inflation, Fed minutes, Anthropic IPO

A look at the key economic developments, data releases and market events that could shape the week ahead.

Every week, Mint’s Plain Facts tracks key economic trends, data releases and global events shaping the week ahead.

October wholesale inflation is expected to rise sharply this week as higher crude oil prices and rising input costs across manufacturing add to price pressures.

In the US, minutes of the Federal Reserve’s October meeting are due amid growing expectations of another rate hike in December, persistent inflation, and rising bond yields. At the same time, Anthropic’s proposed Nasdaq listing will test investor appetite for AI valuations and the sustainability of billions of dollars in infrastructure commitments amid a broader technology selloff.

Ripple effects

The October wholesale price index (WPI) data, due on 16 November, is expected to show a sharp rise in inflation, led by higher fuel costs. The Indian crude basket averaged nearly $120 per barrel last month. Fuel and power already recorded the highest inflation among WPI components, at 25.9% in September, led by a 57% rise in crude petroleum and natural gas prices and a 40% increase in mineral oils, driven by West Asia war-related disruptions.

"The fuel component of WPI is expected to be higher as the Indian crude basket averaged around $120 per barrel. We expect headline WPI inflation to reach 12.1%-12.2%, or possibly higher, in October," said Gaura Sengupta, chief economist at IDFC First Bank.

Price pressures, however, extend beyond energy. Inflation in basic metals accelerated to 16.96% in September from 10.88% in August, while chemicals and chemical products inflation rose to 16.74% from 14.3%. Rubber and plastic products and textiles also saw faster price increases.

Economists also feel that the breadth of manufacturing inflation will be worth watching for the pressure on producer margins and the extent of cost pass-through to consumers.

Fed's hawkish tilt

Minutes of the US Federal Open Market Committee’s (FOMC) October meeting, due on 18 November, will be watched closely for clues on the Fed’s next policy move.

After raising rates by 25 basis points (bps) in September for the first time in more than three years, the Fed held its benchmark rate at 3.75%–4% in October, but two members dissented in favour of a 25 bps hike, signalling growing support for tighter policy.

Hawkish sentiment has since strengthened. Fed Governor Christopher Waller backed a 25 bps hike in December in a speech on Tuesday, while suggesting a 50 bps increase could be considered if core inflation remains elevated. US inflation rose to 3.6% in September, well above the Fed’s 2% target, while the economy grew 3.4% in the third quarter, up from 2.2% in the previous quarter.

Bond markets are also pricing in greater rate concerns, with the 10-year US Treasury yield climbing to a multi-year high of 5.3% during early October, and continuing to be high since. Higher US yields could draw funds towards dollar assets, adding pressure on emerging-market currencies and equities, including India’s.

Anthropic IPO to test AI appetite

Anthropic’s proposed Nasdaq listing on 19 November could raise $90.4 billion, taking its valuation to as high as $1.4 trillion. The IPO would mark a major test of investor appetite for dedicated AI companies after years of heavy investment in the sector.

The listing also matters for Alphabet, Amazon and Nvidia, which have invested heavily in Anthropic and are tied to its infrastructure commitments. The company has committed $900 billion in future spending through deals with these tech giants, including $70 billion due in 2027.

However, the listing comes amid a broader selloff in technology stocks, with $2.5 trillion wiped off the Nasdaq and growing investor concerns over whether heavy AI investments can translate into sustainable revenues. Anthropic’s revenues rose 1,200% in January-September 2026 from a year earlier, driven by demand for its Claude models. However, net losses of $104 billion over the same period remain a concern.

With rival OpenAI planning its own IPO early next year, Anthropic’s market debut will also set a benchmark for valuations in the AI sector.

About the Author

Rupanjal Chauhan is a data journalist at Mint, where she contributes to the Plain Facts and Data Bites sections, focusing on translating complex datasets into clear, insightful, and engaging narratives for a wide audience. Her work focuses on using data to explain policy, economic, and social trends in a clear and accessible way.<br><br>At Mint, her work spans public finances, trade, geopolitics, and employment, often breaking down large datasets into sharp, evidence-backed stories. Her approach focuses on careful data analysis and clear storytelling, ensuring that each piece not only informs but also enables readers to better understand the forces shaping India’s economy and society.<br><br>Rupanjal holds a postgraduate diploma in digital media from the Indian Institute of Mass Communication (IIMC), New Delhi, where she specialised in data-driven storytelling and digital journalism. She also has a bachelor’s degree in journalism and mass communication from St. Xavier’s College, Ranchi. Her work is guided by a focus on simplifying complex data without losing nuance, with an emphasis on accuracy, transparency, and context, helping readers better understand the patterns and trends behind the numbers.