September CPI's unrounded numbers show inflation running hotter than reported
As seen on the 24/7 Wall St. homepage on October 14, 2026.
The rounding hid it: core inflation accelerated to 2.564% annually, which makes the market's Fed-cut math a lot harder to defend.
U.S. INFLATION RUNS HOTTER THAN HEADLINE NUMBERS SUGGEST Unrounded September CPI rose 0.649% MoM, beating the 0.58% forecast, while core CPI climbed 0.335% vs. 0.21% expected. Annual inflation reached 3.738%, with core CPI accelerating to 2.564% from 2.446%. Both headline and
- Replies23
- Reposts60
- Likes273
Continue ReadingShow less
September's headline CPI ran at 0.649% month over month on an unrounded basis, missing expectations of 0.58%.
On an annual basis, core CPI accelerated to 2.564%, a move in the wrong direction for anyone expecting the Federal Reserve to ease policy in the near term.
Conventional rounding compressed numbers that, left intact, present a meaningfully different inflation picture than the figures traders initially saw.
For markets pricing in Fed rate cuts, core CPI accelerating to 2.564% annually is a direct challenge to that positioning. The Fed's path narrows the longer underlying price pressures hold above the prior month's pace.