play_arrow

keyboard_arrow_right

skip_previous play_arrow skip_next
00:00 00:00
playlist_play chevron_left
chevron_left
  • play_arrow

    Smart Investor Radio PLAYING NOW

Business

The Fed’s favorite inflation measure cooled in October

todayDecember 1, 2022

Background
share close




CNN Business
 — 

A key measure of consumer prices slowed somewhat in October, another hopeful sign that inflation pressures could be moderating.

The Personal Consumption Expenditures price index, or PCE, rose 6% in October compared to a year earlier, the Commerce Department reported Thursday. That’s down from the upwardly revised 6.3% annual increase reported for September.

PCE is the Federal Reserve’s preferred inflation gauge since it gives a more complete picture of consumer prices.

Prices rose by 0.3% in October compared to September, the same monthly increase as in each of the previous two months.

Stripping out volatile food and energy, core PCE rose 5% over the last 12 months and 0.2% month on month. That compares to September’s upwardly revised 5.2% annual increase and a month-on-month jump of 0.5%.

The 12-month gain in core PCE matched the forecasts of economists surveyed by Refinitiv, while the one-month gain was slightly lower than the 0.3% rise that had been forecast.

Inflation pressures have become a major concern for the US economy, prompting the Fed to hike interest rates at an unprecedented rate in an effort to get prices under control.

Fed Chairman Jerome Powell said in a speech Wednesday that the Fed could pull back on the pace of its aggressive rate hikes as soon as December. While Powell has stressed the importance of not relying on one particular data point, Thursday’s inflation reading likely confirms that plan.

This story is developing and will be updated.



Source link

Written by: smartinvestorradio

Rate it

Previous post

News

It’s unclear if the 4 University of Idaho students killed were targeted in the attack, officials now say

CNN  —  Detectives do not know whether the four University of Idaho students killed in their off-campus home last month were specifically targeted, police said Wednesday – in what may be their strongest departure yet from their earlier statements. Police say they’re reacting specifically to information they say a prosecutor’s office released this week about the killings in the college town of Moscow: “That one or more of the occupants […]

todayDecember 1, 2022

DISCLAIMER

Information presented is for entertainment and general information purposes only. Opinions expressed are those of the presenter only. We make no promises or guarantees of investment performance. None of the information presented here is intended to form the basis for any offer or recommendation or have any regard to investment objectives to the needs of any specific person. Smart Investor Radio is not a broker-dealer, certified financial planner or registered investment adviser.

 

0%