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September inflation data has pushed the odds of a late-October Fed rate hike to 54%, up from 22%. Rising gasoline prices and costly AI data center construction drove the highest annual inflation since 2023, though 3% wage growth may eventually ease price pressures.
New York Fed President John Williams sees one more rate hike in 2026 but no additional increase in 2027 as inflation pressures ease.
US inflation rose to 3.7% in September as gasoline prices surged 9.1%, lifting market bets on a Federal Reserve rate hike at its October meeting.