Inflation cools mildly in September and core prices ease
U.S. inflation barely fell in September with a 0.4 percent monthly rise and a steady 3.7 percent year over year. Core prices rose 0.3 percent from August, the smallest gain in two years, while housing costs drove most of the monthly increase and rents rose 0.5 percent. Economists, including Laura Rosner-Warburton, say the Fed will likely hold rates at 5.4 percent, with door open to future hikes in December.
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Ford says it has reached limit in new UAW contract talks
Ford Blue president Kumar Galhotra states the company is at the limit of what it will spend to reach a contract with the United Auto Workers. The walkout at Ford’s Kentucky Truck Plant underscores a widening rift as UAW President Shawn Fain escalates strikes at Ford, GM, and Stellantis, threatening billions in costs and potential job actions across 100,000 workers.
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Wall Street slips as yields rise and stocks retreat
U.S. stocks pulled back with the S&P 500 down 0.6 percent to 4349.61 and the Dow off 173.73 as bond yields climbed after a weak 30-year Treasury auction. Higher borrowing costs weighed on stocks while other data showed inflation easing slightly but jobless claims hinting at a mixed economy. In Los Angeles, mortgage rates climbed to 7.57 percent, the highest in over two decades, dampening homebuyer affordability amid tight housing supply.
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