Travel Boom Could Fuel Inflation, Keep Interest Rates High
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Record 24% of US consumers plan to vacation abroad in next 6 months, well above pre-pandemic levels of 10-14%
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High demand for travel and services means inflation could be hard to tame
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Fed likely to keep rates higher for longer to control non-housing service inflation
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October CPI cooled but driven by autos, rent, energy; services inflation still high
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Rates expected to stay higher as Fed tries to control double-digit services inflation