Officials still have more work to do to tame consumer prices, even though increases are down from last year’s record highs.
again in September, buoyed by high gas and housing costs, as the Federal Reserve keeps up its fight against price increases and tries to cool the economy down.
face a key challenge: disentangling sources of inflation that could prove stickiest from those that could pass without requiring even higher interest rates.“Housing is what I’m watching because rents turned over in such a meaningful way. That’s starting to show up in the data,” said Joe Brusuelas, chief economist at RSM. “Gasoline prices are coming down in a meaningful way every day.”Inflation has come down considerably since soaring to 40-year highs in 2022, for several reasons.
“If term premiums rise, they could do some of the work of cooling the economy for us, leaving less need for additional monetary policy tightening,” said Lorie Logan, president of the Dallas Fed, in remarks before the National Association for Business Economics on Monday.In Ohio, John Lamb is feeling plenty of cooling already. The president of Cleveland Express Trucking said the end of the year is usually “every carrier’s best quarter,” as retailers and warehouses stock up for the holidays.
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