The last consumer price index report prior to the midterm elections came in hotter than expected — and immediately yielded economic disruption.
Inflation clocked in worse than expected at 8.2% for the 12 months ending in September, according to the Bureau of Labor Statistics. That is down from 8.3% the month before but a tenth of a percentage point higher than the consensus forecast. Worse, “core inflation,” which strips out volatile food and energy prices, rose to an explosive 6.6%, the highest rate since 1982.
“We get this last gasp higher in inflation, and from here, we start to decelerate,” Liz Ann Sonders, the chief investment strategist at Charles Schwab, told CNBC. “I think there’s still plenty of things that could drive volatility, and intraday swings are just the nature of the beast right now.” Last month, following a two-day meeting of the Federal Open Market Committee in Washington, the central bank announced that it would hike its interest rate target by 75 basis points. The move marks the third consecutive rate hike of that scale, equivalent to nine standard 25 basis point increases.
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