On November 13, Chicago Fed President Austan Goolsbee warned that inflation was more persistent than expected, with price pressures spreading into services and healthcare. He acknowledged that the meaningful slowdown he had anticipated had not yet materialized. Fed officials including Mary Daly and John Williams supported further monetary tightening to address price pressures. Treasury Secretary Scott Bessent, by contrast, said the Fed should not raise rates in response to the energy supply shock tied to the war with Iran and urged it to keep an open mind on policy amid geopolitical tensions.
The seasonally adjusted CPI rose less than in September, while core inflation held at 0.3% and energy prices increased at a slower pace.
Read the full storyHeadline inflation slowed from September, but core inflation posted a 0.3% monthly increase for the third consecutive month, while Federal Reserve officials differed over the next move.