December Hike A Done Deal!

Core CPI rose 0.22% in October, suggesting that 12-month core PCE inflation will edge up a tenth to 1.4%  in October, slightly firmer than we projected in our last forecast. That reinforces the case for a December rate hike, though the Committee already seemed ready to do so. In any case, this report makes a December rate hike a done deal. November CPI will be released the second day of the FOMC meeting and will have no bearing on the rate-hike decision, which, in effect, will be made a week before the meeting. 

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