Business Maverick: Core US Inflation Rises to 40-Year High, Securing Big Fed Hike

  • 📰 dailymaverick
  • ⏱ Reading Time:
  • 56 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 26%
  • Publisher: 84%

Sverige Nyheter Nyheter

Sverige Senaste nytt,Sverige Rubriker

A closely watched measure of US consumer prices rose by more than forecast to a 40-year high in September, pressuring the Federal Reserve to raise interest rates even more aggressively to stamp out persistent inflation.

The core consumer price index, which excludes food and energy, increased 6.6% from a year ago, the highest level since 1982, Labor Department data showed Thursday. From a month earlier, the core CPI climbed 0.6% for a second month.Follow the reaction in real-time here in Bloomberg’s TOPLive blog

US stocks opened lower and Treasury yields surged, with the 30-year rate briefly hitting 4%, the highest since 2011. The median forecasts in a Bloomberg survey of economists had called for a 0.4% monthly rise in the core and a 0.2% gain in the overall measure. The CPI report is the last one before next month’s US midterm elections and poses fresh challenges to President Joe Biden and Democrats as they seek to retain thin congressional majorities. Already, the surge in inflation has posed a serious threat to those prospects.Shelter costs — which are the biggest services’ component and make up about a third of the overall CPI index — rose 0.7% for a second month. Both rent of shelter and owners’ equivalent rent were up 6.

Geopolitical developments could also keep inflation elevated. OPEC+ recently announced oil production cuts, and a potential gasoline export ban by the Biden administration could backfire with higher pump prices. “the cost of taking too little action to bring down inflation likely outweighed the cost of taking too much action.”deterioration in the economic outlook

 

Tack för din kommentar. Din kommentar kommer att publiceras efter att ha granskats.
Vi har sammanfattat den här nyheten så att du kan läsa den snabbt. Om du är intresserad av nyheterna kan du läsa hela texten här. Läs mer:

 /  🏆 3. in SE

Sverige Senaste nytt, Sverige Rubriker

Similar News:Du kan också läsa nyheter som liknar den här som vi har samlat in från andra nyhetskällor.

Business Maverick: UK Markets Roiled by BOE as 10-Year Yield Jumps to 2008 HighThe selloff in long-maturity UK bonds picked up speed after the Bank of England damped hopes of more bond buying next week to help restore calm to a fragile market.
Källa: dailymaverick - 🏆 3. / 84 Läs mer »

Business Maverick: IMF Warns ‘Worst is Yet to Come’ as Steps to Slow Inflation Raise RisksThe International Monetary Fund warned of a worsening outlook for the global economy, highlighting that efforts to manage the hottest inflation in decades may add to the damage from the war in Ukraine and China’s slowdown.
Källa: dailymaverick - 🏆 3. / 84 Läs mer »

Business Maverick: Coinbase Stock Rises After Adding Google Cloud PartnershipCoinbase Global Inc. entered into a partnership with Alphabet Inc.’s Google over cloud services, its latest corporate pact after prior accords with BlackRock Inc. and Meta Platforms Inc.
Källa: dailymaverick - 🏆 3. / 84 Läs mer »