What I Saw Last Week
Inflation, as measured by the Consumer Price Index, came in right in-line with my forecast with total CPI and core CPI (which excludes food and energy) rising by 0.2%.
Total CPI is up 0.2% year-over-year on an unadjusted basis while core CPI is up 1.9%, which is steady with the year-over-year change seen in September. Total CPI picked up month-over-month on the back of higher energy costs (+0.4%), which featured a 0.4% uptick in the index for gasoline, and a 0.1% gain in the food index, which was bolstered by a 0.2% jump in the food away from home index.
The CPI data for October should contribute to the prevailing mindset that the Federal Reserve remains inclined to raise the target range for the fed funds rate at its December 15-16 meeting.
The NAHB Housing Market Index slid three points in November to a…
View original post 594 more words