White House, October jobs and inflation data
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The results for October (and November) will not increase inflation worries at the Fed. Headline CPI is estimated to stay steady at the 3 per cent September figure for both October and November. There are other modelled estimates of inflation which concur with the Cleveland Fed’s estimates.
Economists are betting that prices didn’t pick up much in October, but it could be weeks before they know the official inflation reading for the month.
The rise in consumer prices is on track to exceed the central bank’s target until 2028. Cleveland Fed President Beth Hammack is trying to get that inflation rate down.
Cleveland Federal Reserve President Beth Hammack said on Thursday monetary policy needs to remain in a position where it can help lower inflation pressures, suggesting she leans against the U.S. central bank cutting interest rates again in the near future.
The acceleration of inflation last month was driven by a wide range of factors. Some, including housing costs, have been persistent drivers of price growth. But food and energy costs, which can be volatile month to month,
The Donald Trump administration is touting data from DoorDash, a food delivery service headquartered in San Francisco, which found that the prices of some groceries and everyday items purchased on the DoorDash app have gone down — and the Trump administration has drawn the conclusion that the change is because of its economic policies.
Chancellor has been pushing cabinet ministers to find ways to reduce financial pressure on households ahead of Budget
Rachel Reeves should get billions of pounds of extra room in her upcoming budget, UK Treasury officials believe, thanks to her plan to cut household bills and bring down inflation.