Just as the Producer Price Index did yesterday, this morning, the Consumer Price Index acted as if Fed Chair Jay Powell's rate hikes didn't exist, replicating the PPI by increasing month on month while inching down slightly year on year.
The Consumer Price Index for All Urban Consumers (CPI-U) rose 0.4 percent in September on a seasonally adjusted basis after rising 0.1 percent in August, the U.S. Bureau of Labor Statistics reported today. Over the last 12 months, the all items index increased 8.2 percent before seasonal adjustment.
Another month, another demonstration of the impotency of Powell's interest rate hikes in fighting inflation.
Expect Powell to insist on more rate hikes. Because that's the solution for what hasn't worked yet—more of the same.
The Green new Socialist Party of America is doing a great job, enriching the rich and destroying the middle class and the working poor! The Democrat party is gone! Cheaters, liars and thieves, and New World Order puppets. Unfortunately too many RINOs as well.