Slower US inflation leaves Waller’s half-point December hike in play

US monthly headline inflation slowed in October, but core prices rose 0.3% for a third consecutive month, matching the level Federal Reserve Governor Christopher Waller had associated with considering a 50-basis-point December interest-rate hike. The Bureau of Labor Statistics reported on Nov. 10 that consumer prices increased 0.4% from September, seasonally adjusted, after September's 0.6% rise. Core CPI, which excludes food and energy, rose 0.3%. The agency did not publish headline or core year-over-year rates. That leaves a policy tension beneath the slower headline figure. In prepared remarks earlier that day , before the release, Waller said core CPI around 0.3% or higher would warrant considering a 50-basis-point December hike if the report resembled the preceding two monthly readings. He had leaned toward 25 basis points under his expected outlook.

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