Housing, Inflation Data Support the Fed
Was the Federal Reserve correctly anticipating tepid consumer-level inflation—and weakness in new housing construction—when it cut interest rates on Sept. 18? If reports released Sept. 19 are any indication, the answer is yes. It appears weak readings on the consumer price index (CPI) and housing starts for August helped to provide cover for the Fed's bold half-point cut in the Fed funds rate target, though both of the reports left the figures pretty much right in line with expectations.
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