“It’s not a stock market; it’s a market of stocks” — unknown

1. Broad Pickup in Prices Lifts Inflation to 3.7% in September — the consumer price index rose 0.6% from a month earlier, driven by a surge in fuel costs, according to Bureau of Labor Statistics data out Wednesday. A key measure of underlying price pressures, which excludes food and energy, was up 0.3%. The Fed in September responded to renewed price pressures by raising interest rates for the first time since 2023. Since then, top officials have signaled they have time to weigh incoming data before acting again, though the median forecast of officials lined up with one more increase this year, according to their latest projections. The report, which showed the CPI advanced 3.7% from a year earlier and core CPI rose 2.6%, is the last reading on consumer prices before the central bank’s Oct. 27-28 policy meeting.
2. US Producer Prices Up Most Since 2022 as Energy Pain Worsens — The producer price index advanced 1.3% from a month earlier — the most since March 2022 — and 6.3% from a year earlier, according to Bureau of Labor Statistics data out Thursday. Excluding food and energy, the gauge was up 0.7% last month and 5% from a year ago. Both came in above all estimates in a Bloomberg survey. A key question for policymakers is whether the energy shock is starting to spill into the prices of other goods and services. The PPI report showed energy prices rose 10.8% in September, while transportation and warehousing prices advanced 3.4%, the most since April. Food prices rose 1.2%.

strong>The week ahead — Economic data from Econoday.com:

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