First Trust Advisors chief economist Brian Wesbury responds to Fed Chairman Jerome Powell saying he won’t resign if President-elect Trump questions “Making Money.”
Inflation edged up slightly in October as prices remained stubbornly high for consumers, giving Federal Reserve policymakers more data to consider ahead of their meeting next month.
The Labor Department said on Wednesday that the consumer price index (CPI) – a broad measure of how much everyday goods such as fuel, groceries and rent cost – rose 0.2% in October from the previous month and rose 2.6% from a year earlier.
Economists interviewed by LSEG predicted that inflation will enter 0.2% in October while reaching 2.6% annually. The annual figure increased compared to the previous month, when the headline rate was 2.4%, while monthly price growth was unchanged from September.
So-called core prices, which exclude variable measures of fuel and food to better gauge price growth trends, were up 0.3% monthly in October and 3.3% from a year ago – both unchanged from the previous month’s reading. .
This is a developing story. Please check back for updates.
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