October's milder-than-expected price figures could make it less likely that the Fed will impose another interest rate hike.
October's milder-than-expected price figures could make it less likely that the Fed will impose another interest rate hike.Sale signs are displayed at an appliance store in Arlington Heights, Ill., Wednesday, Nov. 8, 2023.
Gas prices fell 5% from September to October and are down 5.3% from a year earlier. They have continued to fall into November, suggesting that cheaper energy could hold down inflation this month as well. Prices at the pump averaged $3.35 Tuesday, down 42 cents from a year earlier.A vehicle is fueled at a gas station in Palatine, Ill., Wednesday, Nov. 8, 2023.
Powell had said last week that Fed officials were “not confident” that rates were sufficiently high to tame inflation. The Fed has raised its benchmark interest rate 11 times in the past year and a half, to about 5.4%, the highest level in 22 years. The prospect that the Fed may end its rate hike campaign and eventually cut rates fueled a stock market rally Tuesday. The Dow Jones industrial average soared nearly 1.5% in mid-morning trading. The yield on the benchmark 10-year Treasury note fell to 4.44%, down from nearly 4.6%, reflecting investors' expectations that borrowing rates will move lower.
Prices first accelerated in 2021 as consumers stepped up spending amid a fading pandemic. Much greater demand ran headlong into snarled supply chains, which led retailers and other companies to quickly jack up prices. Inflation has since eased as supply chains have improved and higher borrowing rates have weakened some industries, notably housing.
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