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American2Day

News and opinion for Michigan, Eaton County, and the Mulliken area

American2Day

News and opinion for Michigan, Eaton County, and the Mulliken area

Money

Hot inflation Data lifts odds of another Fed rate hike

A2D News Desk

September inflation data came in hotter than expected, strengthening market expectations for another Federal Reserve rate increase this year. The Consumer Price Index rose 0.6% from August, accelerating from 0.4% the previous month, while annual inflation reached 3.7%, up from 3.4%.

The Producer Price Index climbed 1.3% in September, its largest monthly increase since March 2022, and stood 6.3% above year-earlier levels. Energy accounted for much of the price pressure, with gasoline prices rising 9.1% and contributing more than half of September’s monthly CPI increase.

Interest-rate futures at the October 15 close showed about a 27% chance of a quarter-point increase at the Fed’s October meeting, with more than 70% odds of no change. Pricing put the chance of at least one more increase this year at 70% to 80%, with December viewed as the likelier window. The Fed’s target range remains 3.75% to 4.00% following a September increase.

Read the full story at tokenpost.com.

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