U.S. inflation sped up more than expected in September, perhaps putting multiple Federal Reserve rate hikes back into play.
The September Consumer Price Index rose 0.6%, according to a Wednesday morning report from the Bureau of Labor Statistics. That’s up from 0.4% in August, and in line with economist forecasts for 0.6%.
On a year-over-year basis, however, CPI rose 3.7% versus 3.4% in August and above estimates for 3.6%.
Core CPI — which strips out food and energy costs — also disappointed, rising 0.3% in September. That was the same pace as August, but above consensus forecasts for 0.2%.
Year-over-year core CPI was higher by 2.6% versus 2.4% the previous month and above estimates for 2.5%.
Bitcoin BTC$83,212.45 dropped $1,000 on the news, now trading at $82,800. The 10-year Treasury yield has shot higher by 6.5 basis points to 5.284%. U.S. stock index futures are all lower, the Nasdaq 100 leading with a 0.65% decline.
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