American economist and Federal Reserve governor since 2020
Inflation remains elevated as energy prices stay buoyant amid renewed Middle East fighting. The latest data show consumer prices rising year over year, with monthly gains in August. Gas and diesel costs are at multi-year highs, weighing on households and businesses just as midterm politics heighten scrutiny of the administration’s economic management.
The CPI has risen to 3.7% over the past year, with a 0.6% monthly gain, driven by higher energy and fuel costs amid the Iran conflict. Core CPI has accelerated to 2.6%, complicating the Fed’s rate decisions as markets price in further hikes.
CPI has shown a 0.4% rise for October, outpacing expectations but easing from September’s 0.6% gain. Core CPI has risen 0.3%, driven by recreation, medical care and transport costs. The government shutdown has blanked year-over-year figures, complicating comparisons. Fed Governor Waller has warned a larger-than-usual rate hike remains on the table if inflation stays hot.