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Powell said that estimates indicate the Fed’s preferred inflation gauge, the personal consumption expenditures price index, rose 2.8% over the 12 months ending in September. Core PCE prices rose 2.8% as well.

Inflation last month rose at an annual rate of 3%, coming in below economists' forecasts as the impact of President Trump's tariffs remain muted.

The federal government recalled some furloughed workers specifically to produce the inflation report, which plays a key role for Social Security beneficiaries.

Economists expect prices to have risen 3.1% in September, which would mark a slight increase from a 2.9% year-over-year increase recorded a month prior. The anticipated reading would amount to the highest inflation since May 2024.

Jerome Powell wraps up his post-meeting press by noting the Federal Reserve faces a “pretty challenging situation.” On the one hand, 4.3% unemployment and an economy growing close to 2% is “a good picture,

With the U.S. government shutdown threatening to freeze October’s inflation report, the Treasury is expected to deploy a workaround to compute the index underpinning the $2.1 trillion market for inflation-protected bonds for the first time since their 1997 launch,

Australia’s core inflation accelerated beyond expectations last quarter, complicating the Reserve Bank’s path to further policy easing and prompting money markets to slash bets on a near-term interest-rate cut.

Fed Chair Jerome Powell said inflation is not far from the central bank’s 2% goal if higher U.S. tariffs are removed from the equation. “You see goods prices increasing. That’s moving inflation up,” Powell said.

Chipotle Mexican Grill on Wednesday cut annual sales forecast for the third time this year, signaling that even its typically affluent diners are limiting eating out amid mounting cost pressures, sending its shares plunging 12% after the bell.