Fed data points to rising rates as inflation stays above target

The Federal Reserve Bank of Cleveland’s Inflation Nowcasting tool projects that headline inflation will accelerate to 3.77% in October, continuing a trend where prices have remained above the central bank’s 2% target for 67 consecutive months. This forecast follows September’s Consumer Price Index reacceleration to 3.7%, driven largely by fuel costs linked to the closure of the Strait of Hormuz.

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