Fed’s preferred inflation gauge rises to 2.3% annually, meeting expectations

Inflation in October increased slightly as the Federal Reserve considers interest rate adjustments, with the personal consumption expenditures price index rising 0.2% on the month to a 12-month rate of 2.3%. Core inflation, excluding food and energy, also showed a monthly increase of 0.3% and an annual rate of 2.8%. Despite rising inflation, traders anticipate another rate cut from the Fed in December, with odds at 66%, as household impacts from inflation remain a concern.

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