Inflation Pressures Ease Slightly in October, Fed Still Weighing Policy Ahead of December Meeting
• Underlying inflation pressures eased in October compared to September, per New York Fed report • Index aims to measure persistence of inflation; reading matched 6-month trend of Fed's preferred PCE gauge • Report comes as Fed weighs data ahead of final policy meeting of 2022 next week • Fed Chair Powell said economy is "better balanced" but progress on inflation must continue • NY Fed's Williams said rates are at or near peak; other Fed members differed on need for more hikes