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So much for inflation cooling.
The September inflation numbers are out, and the Biden Administration cannot be happy with what they are looking at.
The Labor Department says the CPI increased 0.4% on September and 3.7% year over year That is compared to respective Dow Jones estimates of 0.3% and 3.6%.
The Labor Department also said that prices at the wholesale level increased 0.5% in September, pushing the 12-month rate to 2.2%, the highest since April and above the Fed’s goal of 2% inflation.
As for how this will impact interest rates, we'll have to wait and see. The Federal Reserve doesn't meet until the end of the month.