Zachary Halaschak is an economics reporter at the Washington Examiner. Before moving to Washington, he worked in Alaska, covering politics, government, and crime for the Ketchikan Daily News. While there, Zach won the Alaska Press Club’s second-place award for best reporting on crime or courts for his coverage of a local surgeon’s alleged murder.
Inflation punched in at a 3.4% annual rate in September, as measured by the gauge favored by the Federal Reserve.
Core PCE inflation, a measure of inflation that strips out volatile energy and food prices, fell to a 3.7% year-over-year rate.While PCE is the Fed’s preferred inflation gauge, the more commonly cited headline number is the consumer price index. Inflation was clocking in at 3.7% in September, according to the CPI.
The robust GDP growth and underlying strength in the labor market give the Fed more leeway in its tightening agenda, although economists expect that GDP growth will begin to slow and the labor market will weaken as the central bank continues to hold interest rates at multi-decade highs. The general consensus among Fed watchers is that while the central bank is more likely than not done with its rate hikes, it will likely keep interest rates at their high level for longer than previously expected.
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