An inflation gauge tracked by the Fed slows to still-high 6%
A government report shows one measure of inflation eased last month, but is still at a high level. It's called the personal consumption expenditures index and it shows consumer prices rose 6% in October from a year earlier, down from 6.3% a month earlier, but still elevated. The Federal Reserve closely monitors the index, and the number likely reinforces its intent to keep boosting interest rates as it tries to cool the economy and ease the worst inflation in decades. We need to raise interest rates to a level that is sufficiently restrictive to return inflation to 2%. But fed chair Jerome Powell told the brookings institution yesterday the Central Bank could slow the hikes when it meets in two weeks. Sagar Meghani, Washington.