The last major data point before the Fed meets has arrived, and it arrived while Americans were paying record prices at the pump. The US Bureau of Labor Statistics reported on Friday afternoon that the annual rate held steady, with core inflation, which strips out food and energy, easing to 2.4% from 2.5%. Every figure matched the consensus of economists and the monthly number is where the pressure shows. Prices rose 0.4% in August against 0.1% in July, a fourfold acceleration and the fastest pace in three months. The annual rate stayed flat only because it is measured against the strong summer of 2025. Markets had largely made up their minds before the figures landed.
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