close video Fed has its work cut out in inflation fight, analyst warns
PGIM co-chief investment officer Greg Peters weighs what the future of the economy will look like following the Feds sixth rate hike.
Inflation continued to run near a multi-decade high in October as persistent prices squeezed millions of U.S. households and small businesses.
The Labor Department said Thursday that the consumer price index, a broad measure of the price for everyday goods including gasoline, groceries and rents, rose 0.4% in October from the previous month. Prices climbed 7.7% on an annual basis.
Those figures were both lower than the 8% headline figure and 0.5% monthly increase forecast by Refinitiv economists.
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