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Maintains A Bullish Tone


Corrective Cycle Still In Play


BanRep Preview – October 29 1900BST/1400ET


Eyeing Near-Term Support

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The Cleveland Fed reports that the median M/M inflation figure for September was 0.45% M/M, the highest since 1990.

  • That's a sign of rising underlying price pressures and per the Cleveland Fed, the metric "is even better at forecasting PCE inflation in the near and longer term than the core PCE price index."
  • The 2.78% Y/Y median isn't quite as impressive (not eclipsing the 2019 peak) but clearly on the rise.
  • For background: "The median CPI excludes all price changes except for the one in the center of the distribution of price changes, where the price changes are ranked from lowest to highest (or most negative to most positive). "

Source: Cleveland Fed, MNI