GAINING STEAM: Fed's preferred inflation gauge gained more than expected in August
Aegon Asset Management chief macro strategist Frank Rybinski argues until there is a 'dovish Fed pivot' market volatility will persist on 'The Claman Countdown.'accelerated again in August, keeping prices elevated near a four-decade high, according to new data released on Friday,
Those figures are both higher than the 0.5% monthly increase and 4.7% annual increase forecast by Refinitiv economists, indicating that inflationary pressures are broadening throughout the economy. The reading is also up from July's annual increase of 4.7%. "Core inflation is a better predictor of inflation going forward," Powell said. "Headline inflation tends to be volatile." However, both the core and headline numbers point to inflation that is running well above the Fed's preferred 2% target, a troubling sign as the central bank is already hiking interest rates at the fastest pace in decades.
"Core inflation accelerated, likely keeping the Fed on track for another aggressive 0.75% increase to the Fed funds rate in November," said Jeffrey Roach, chief economist for LPL Financial.
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