On Tuesday, the script for the Federal Reserve’s October meeting looked settled. Policymakers would hold rates, wait for more data and let the midterm elections pass. On Wednesday morning, a hotter-than-expected September consumer price index rewrote it. Traders now see a 54% chance that the Fed raises rates at its Oct. 28 meeting. A day earlier the chance was 20.7%, and a week ago it was 24.1%, according to 30-day fed funds futures tracked by CME FedWatch tool. The economists reacting to the report are warning about more than one meeting. They are talking about debasement. That is the relentless loss of the dollar’s purchasing power when a central bank lets inflation run. The consumer price index (CPI) rose 0.6% in September after 0.
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