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The Federal Reserve Board's Index of Common Inflation Expectations, one of its preferred price gauges, edged up to 2.06% in the third quarter, the highest since 2014.

The CIE Index was up 0.01ppt from 2.05% in the prior quarter. The series back to 1999 notched the highest readings at 2.15% in 2004. The index combines 21 market and survey measures into a single view of how households and businesses expect prices to behave.

Chair Jerome Powell said after the FOMC's September meeting that inflation expectations showed "moderate" increases that made up for past declines in the mid-2010s. Earlier this week the New York Fed reported median consumer expectations of 5.3% for the year-ahead and 4.2% for three-year-ahead, and both were highs going back to 2013.