Measures of U.S. inflation in September showed that the pace of price increases is still grinding lower, though at a slow and uneven pace. Prices in the United States increased 0.4% from August to September, a slowdown from the previous month.
Measures of U.S. inflation in September showed that the pace of price increases is still grinding lower, though at a slow and uneven pace.
Still, on a month-to-month basis, prices are still rising faster than is consistent with the Fed’s 2% target. Core prices increased 0.3% in September, the same as the previous month. Several factors have combined to force up longer-term rates. They include the belated acceptance by financial markets of the likelihood that the economy will remain on firm footing and avoid a recession.
On Wednesday, Christopher Waller, a member of the Fed’s governing board who has previously backed sharply higher rates to fight inflation, suggested that price increases are steadily cooling, potentially allowing the Fed to leave interest rates unchanged. Optimism has been growing that the Fed can tame inflation through the series of 11 interest rate hikes it imposed beginning in March 2022 without causing a recession.
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