The cost of goods and services rose 0.4 percent for a second consecutive month in September, challenging the view that the Federal Reserve’s rate hikes are still bringing down inflation.
The personal consumption expenditure price index was expected to cool slightly from the prior month.
Over the past year, the index is up 3.4 percent. That is unchanged from the August reading, data from the Commerce Department showed Friday. The Federal Reserve says it wants to bring PCE inflation down to two percent, a rate not seen since President Joe Biden took office in early 2021.
2nd article
Yellen: Rising Cost of Debt Is Due to Strong Economy, Not Large Deficit
During an interview with Bloomberg on Thursday, Treasury Secretary Janet Yellen stated that the rise in Treasury yields that increases the cost of the U.S. government borrowing money isn’t largely connected to the deficit, but is largely “a reflection of the resilience that people are seeing in the U.S. economy that we’re not having a recession, that consumer spending and demand continue to be strong, the economy is continuing to show tremendous robustness.”
Cocoa closes above 3,800 for the first time in more than 44 years 👀 pic.twitter.com/F5IW4icj8S
— Barchart (@Barchart) October 27, 2023
BREAKING: The average monthly mortgage payment is a whopping 52% higher than the average monthly rent on a house or apartment, the highest amount since the 2008 housing crash, per The Wall Street Journal.
— unusual_whales (@unusual_whales) October 27, 2023
Why oh why is wage/price inflation so sticky?
Well, it's not because of private workers: here wages and salaries rose just 3.9%, the lowest in 2.5 years.
It's all government workers, where wage growth was 7.8%, just shy of a record high! pic.twitter.com/v46KyqekMg
— zerohedge (@zerohedge) October 27, 2023
h/t Coastie Patriot