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MNI BRIEF: Dallas Fed Price Gauge Steady At 40-Year High

(MNI) WASHINGTON

The Dallas Fed's trimmed mean PCE 12-month inflation rate held at 4.74% for the second month in September, still the fastest gain since 1982 and underlining why Chair Jerome Powell is resolute about keeping high interest rates.

The one-month annualized rate took a step down last month to 4.3% from the surge in August of 6.0%, and over half of all components rose more than 5% in September. Officials have cited the Dallas Fed's trimmed mean measure as one of the best indicators of underlying inflation and Fed economists have told MNI they are closely looking at the percentage of components rising at rates inconsistent with 2% inflation.

The Cleveland Fed's median PCE inflation rate released earlier Friday also showed a step down in underlying inflation month-over-month, increasing 0.4% in September versus 0.6% in August. The year-over-year figure was steady at 5.8%.

Dallas Fed Trimmed Mean PCE inflationSource: Dallas Fed

MNI Washington Bureau | +1 202-371-2121 | evan.ryser@marketnews.com
MNI Washington Bureau | +1 202-371-2121 | evan.ryser@marketnews.com

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