Inflation Cools in October, Reducing Pressure on Fed to Raise Rates
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Inflation eased in October to 3.2% year-over-year, reducing pressure on the Fed to raise rates further.
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Even excluding food and energy, core inflation slowed to 4% annually, weaker than expected.
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Price increases showed encouraging signs of deceleration in housing costs and services prices.
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The report provided evidence the Fed's rate hikes are working to bring down inflation from summer 2022 peak.
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Stocks rose on report, as investors now see lower likelihood of another rate hike given cooling inflation.