Inflation Stayed Stubbornly High In September, Stocks Under Pressure
deadline.comThe Consumer Price Index showed prices in September rose 8.2% year-on-year, a slight decline from 8.3% in August but worse than economists expected.
Excluding food and energy, core CPI rose 6.6.%, the highest in forty years. The disappointing numbers tanked stocks and all but assured two aggressive interest rate hikes by the Federal Reserve by year end.
The Fed has hiked rates in a drumbeat in March, May, June, July and September in an effort to tame inflation. The last three have been historically rare 75 basis point increases.
Fed officials have indicated that attacking inflation is the priority even if the country tips into recession. On a monthly basis, prices rose 0.4 percent in September from August, after rising 0.1 percent in August, the U.S.
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