U.S. underlying consumer prices increased solidly in August, leading to the larg...
WASHINGTON - U.S. underlying consumer prices increased solidly in August, leading to the largest annual gain in a year, but rising inflation is unlikely to deter the Federal Reserve from cutting interest rates again next week to support a slowing economy.
“Concerns about too-low inflation appear misguided,” said Sal Guatieri, a senior economist at BMO Capital Markets in Toronto. “The Fed will still cut rates next week to provide added insurance in the event that the trade war escalates, but it might think twice about moving again in October if core inflation shows any further spark.”
But a decline in energy prices held back the increase in the overall CPI to 0.1% last month. The CPI gained 0.3% in July. In the 12 months through August, the CPI increased 1.7%, slowing from July’s 1.8% advance. The dollar fell against a basket of currencies after the European Central Bank launched new stimulus but failed to live up to some dovish financial market expectations. U.S. Treasury prices fell, while stocks on Wall Street were trading higher.
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