The CPI reduction was less than expected and market analysts believe the Fed will continue its aggressive rate hikes going forward. Inflation Economics USeconomy
Bankrate.com Analyst Says CPI Is Far From the Fed’s 2% Destination, Gold Bug Peter Schiff Says Sub-2% Inflation Rates Are a Thing of the Past and Will Never Return
Meanwhile, Tuesday’s CPI data has investors believing the Fed will be aggressive when it raises the benchmark bank rate at the next meeting. Mark Hamrick, a senior economic analyst at Bankrate.com, thinks the inflation report for August won’t do much to convince the Fed to act dovish next week. Hamrick expects the U.S. central bank to keep the federal bank rate confined until inflation subsides.
“They want to take their benchmark rate into [economically] restrictive territory and hold it there for longer,” Hamrick. “Awaiting what Chairman Jerome Powell has said must be ‘compelling evidence that inflation is moving down, consistent with inflation returning to two percent’ … We remain far from that destination.
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