NY Fed Reports Easing Underlying Inflation Pressures in October

The Federal Reserve Bank of New York reported that underlying inflation pressures in the US eased in October compared to September, with its multivariate core trend (MCT) inflation reading at 2.6%. The MCT index peaked at 5.44% in June 2022 and the October reading closely matched the six-month trend of the personal consumption expenditures index, which stood at a 2.5% rise. The report comes ahead of the Fed's final policy meeting of the year, where officials will decide on another interest rate hike or a continued pause.