Measures of U.S. inflation in September showed that the pace of price increases is still grinding lower, though at a slow and uneven pace.
Consumer prices in the United States increased 0.4% from August to September, below the previous month's 0.6% pace. Thursday’s report from the Labor Department also showed that year-over-year inflation in September was unchanged from a 3.7% rise in August. And underlying inflation declined a bit last month: So-called core prices, which exclude volatile food and energy costs, climbed 4.1% in September from 12 months earlier, down from a 4.3% annual pace in August.
Those higher long-term bond rates have led to more expensive mortgages, auto loans and business borrowing, a trend that could help cool inflation pressures without further Fed rate hikes. Several factors have combined to force up longer-term rates. They include the belated acceptance by financial markets of the likelihood that the economy will remain on firm footing and avoid a recession. The government’s budget deficit is also worsening, requiring more Treasury debt to fund it.
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