Intransigent Inflation

While September CPI rose 3.7% Y-o-Y, unchanged from August, it’s up from 3.2% in July and 3% in June. However, core inflation rose 4.1%, down from 4.3% in August, its lowest reading since 9/21, and the 11th decline in the past 12 months. But the Fed’s 2% inflation goal remains distant, and the Fed won’t begin thinking about thinking about rate cuts with fear of inflation possibly stalling at 3%.