finance economics

JPMorgan Chase's profits in the third quarter declined due to $3.11 billion in provisions for bad debts offsetting the income from its investment banking sector

The U.S. September CPI annual increase of 2.4% hit a three-and-a-half-year low, increasing the chances of the Fed cutting rates again next month

2024/10/11

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The Consumer Price Index (CPI) in the United States for September saw a slightly higher-than-expected increase, but the annual growth rate is the lowest it has been in over three and a half years, which may lead the Federal Reserve to consider another interest rate cut next month.

According to the Bureau of Labor Statistics of the U.S. Department of Labor, the CPI rose by 0.2% in September, continuing the 0.2% increase from August. The CPI rose 2.4% over the past 12 months, marking the lowest annual increase since February 2021, compared to 2.

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5% in August. Economists had previously predicted only a 0.1% increase in the CPI, which was 2.3% higher than the same period last year. The annual inflation rate has decelerated from its peak of 9.1% in June 2022.

These factors, along with a significant slowing in the inflation indicators tracked by the Federal Reserve, have allowed the Fed to shift focus to the labor market and unexpectedly cut rates by 50 basis points in September.

Minutes released on the 9th indicated that "the vast majority" of policymakers support entering a more accommodative monetary policy era; however, there seems to be a broader consensus that this cut does not commit the Fed to any specific future rate reductions.

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