The core Consumer Price Index (CPI) rose 6.6% in the year through September, climbing to a 40-year high, while the broader headline CPI measure rose 8.2%. The Fed is widely expected to continue its aggressive rate hikes to tame sky-high inflation.
According to the Conference Board, the Consumer Confidence Index decreased more than expected in October as the high inflation and the Fed’s aggressive stance on it continued to drag on Americans. Moreover, the Expectations Index is lingering below a reading of 80, which indicates rising recession risk.
