The October CPI or Consumer Price Index advanced .4% on a big jump in energy prices to come ina little ahead of expectations. On a year ago basis prices gained 1.6%. The ex-food and energy core rate was 2.2% up .1% and above 2% now for 11 straight months. Just about the only price metric consistently above the Fed’s 2% target if memory serves.
Today’s data pushed the Atlanta Fed’s GDPNow model for economic growth to 3.6% for the 4th quarter will see if it holds up as the quarter comes to a close.