Federal Reserve to Further Tighten Policy, September Rate Hike Not a One-Time Action

Macro analyst Chris Anstey stated that the latest communications from Federal Reserve policymakers indicate that October is not laying the groundwork for consecutive rate hikes. The stronger-than-expected core CPI increase is insufficient to change this, but it will reinforce expectations for further tightening by the Federal Reserve. The rate hike in September is almost certainly not a "one-time action." The overall CPI rose 3.7% year-on-year, marking the largest increase since May, significantly outpacing wage growth and leading to a decline in real income for workers. Average hourly earnings fell by 0.7% year-on-year in September. This data is not optimistic for the U.S. government ahead of the midterm elections.

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