Fed rate hike call seen tight as inflation heats up - WTVB

Oct 14 (Reuters) – A Federal Reserve interest-rate decision later this month may be a closer call than previously thought, traders bet on Wednesday, after Labor Department data ​showed consumer prices were up 3.7% last month ‌from a year earlier, well above the Fed’s 2% target and moving in the wrong direction. Higher gasoline prices from the Middle East war were a main driver. Excluding volatile food and energy prices, ‌the ​core consumer price index (CPI) was up ⁠2.6%, more than the 2.5% ⁠economists polled by Reuters had projected.