The Fed is worried about pass-through, and even if they don't see it in the September numbers it won't make them feel secure about the future. This will help the markets remain confident that inflation is low but not necessarily convince the Fed.
More Quotes from Stephen Gallagher:
We have a very healthy economy with little inflation. We could have this kind of growth for the next couple of years.Stephen Gallagher
The inflationary implications drawn from the combination of exceptional growth and higher inflation could become more ominous when we incorporate the tightening labor market trends.
Stephen Gallagher
Investors maintain a healthy economic growth outlook, but now with lower inflation and interest rate risks.
Stephen Gallagher
Unit labor costs moving up is seen as fanning some of the Fed's concerns on inflation, but I doubt from the Fed's perspective that this changes their view very much,
Stephen Gallagher
This is negative news and giving the market reason to pause a little. The core number is up 0.3 instead of 0.2. It's all it takes.
Stephen Gallagher
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