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Home News Macro

Election Day Countdown: Inflation Data Rocks Markets

by Team Lumida
October 11, 2024
in Macro, Markets
Reading Time: 3 mins read
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Election Day Countdown: Inflation Data Rocks Markets
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Key Takeaways:

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U.S. inflation hit a three-year low at 2.4% but exceeded expectations.

Core inflation rose 3.3%, hinting at ongoing pricing pressures.

Fed might reconsider the pace of interest rate cuts amidst uneven data

What Happened?

U.S. inflation cooled to a three-year low, with the consumer-price index (CPI) rising 2.4% year-over-year in September, slightly higher than the expected 2.3%. Core prices, excluding food and energy, increased by 3.3%, surpassing the predicted 3.2%.

Stocks reacted negatively, with the Dow Jones Industrial Average dropping 58 points, or 0.1%. While gasoline prices decreased by 4.1%, food prices posted their largest monthly gain since January, with eggs up 8.4%.

Why It Matters?

Inflation’s uneven decline poses challenges for the Federal Reserve and the economy. Although the inflation rate dropped to levels seen when President Biden took office, Americans still face high prices for essentials like groceries and housing.

Ryan Sweet from Oxford Economics noted, “Inflation’s descent was going to be bumpy,” indicating persistent volatility. This CPI report is crucial as it precedes Election Day, influencing voter sentiment and reflecting the mixed economic landscape.

What’s Next?

The Federal Reserve faces a dilemma with its interest rate strategy. With two meetings left this year, officials had planned further rate cuts, but the latest data suggests a potential pause.

Atlanta Fed President Raphael Bostic highlighted the “janky” nature of economic data, which complicates trend analysis. Investors now anticipate a slower pace of rate cuts and a less aggressive cutting cycle next year.

As the Labor Department releases more data, including the producer-price index, investors should watch for signs of economic strength or weakness that could influence the Fed’s decisions.

Source: The Wall Street Journal
Tags: CPIInflation
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© 2025 Lumida Wealth Management LLC is an SEC registered investment adviser. Privacy Policy. Cookies Policy.
Disclaimer Important Information This site is for informational purposes only. Information presented on this site does not constitute as investment advice.

Lumida Wealth Management LLC (‘Lumida”) is an SEC registered investment adviser. SEC registration does not constitute an endorsement of the firm by the Commission nor does it indicate that the adviser has attained a particular level of skill or ability.

Lumida's website (referred to herein as the "Website") is limited to the dissemination of general information pertaining to its advisory services, together with access to additional investment-related information, publications, and links. Accordingly, the publication of the Website on the Internet should not be construed by any client and/or prospective client Lumida’s solicitation to effect, or attempt to effect transactions in securities, or the rendering of personalized investment advice for compensation, over the Internet.

Any subsequent, direct communication by Lumida with a prospective client will be conducted by a representative that is either registered or qualifies for an exemption or exclusion from registration in the state where the prospective client resides.

‍Lead Capture Forms: By submitting your contact information in the forms on this site, you are not obligated to invest in Lumida's product or services.
‍Address: Lumida Wealth Management, 25 W 39th Street Suite 700, New York, NY 10018