Today’s inflation numbers are likely to reinforce the idea that the Fed may pause any rate cuts in November, but offsetting the disappointing CPI might be some weak employment data. Initial jobless claims – which had pretty much flatlined at very low levels for many weeks – shot higher to 258,000 last week from 225,000 previously and versus forecasts for 230,000. It’s unclear, though, how much the aftermath of Hurricane Helene might have affected the data.
