The Bureau of Labor Statistics reported that the consumer price index climbed 0.4% on a seasonally adjusted basis in October, beating consensus expectations. Chicago Fed President Austan Goolsbee warned that sticky services inflation and unanchored consumer expectations pose lingering risks, though he declined to endorse a specific December move. Meanwhile, voting policymakers Christopher Waller and Lorie Logan have signaled openness to more aggressive policy paths, including an outsized half-point increase or multiple future hikes. CME FedWatch data indicates that futures markets now unanimously expect a December rate increase following an October pause.
Key points
Fed funds futures are now unanimously anticipating an interest rate increase at the centr…: Fed funds futures are now unanimously anticipating an interest rate increase at the central bank's December meeting.
Key voting policymakers are signaling an appetite for aggressive tightening, whereas Aust…: Key voting policymakers are signaling an appetite for aggressive tightening, whereas Austan Goolsbee will not hold a policy vote until next year.
Central bank officials remain heavily concerned that tariffs and persistent services pric…: Central bank officials remain heavily concerned that tariffs and persistent services prices could cause long-term inflation expectations to rise.
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Chicago Federal Reserve President Austan Goolsbee called the latest inflation data "borderline disturbing."
"It's another distressing report — borderline disturbing," Goolsbee said in an interview with PBS Tuesday.
"We have got a real inflation issue on our hands that has been developing," Goolsbee said, according to a transcript of his remarks. "We're going to have to deal with that."
The consumer price index rose 0.4% on a seasonally adjusted basis in October, according to the Bureau of Labor Statistics' Tuesday release. That was higher than economists had predicted.
Goolsbee said he had not seen drivers of prices like tariffs fade over time like he hoped. He also said continuously high inflation on services concerned him.
And the Chicago Fed chief said lofty prices are a top issue for many people he meets.
"It's on everyone's mind," Goolsbee said. "It's on business mind. It's on nonprofits' minds. It's on ordinary consumers' mind."
The inflation report landed at a critical juncture for the Federal Reserve, as it considers its next interest-rate move — and the moves it may have to make beyond…
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