This development comes at a time when inflation and economic stability are key concerns for voters as the 2024 elections approach.
According to The Post Millennial, the Federal Reserve's favored inflation gauge, the core personal consumption expenditures price index (PCE), experienced a 2.7 percent increase in September compared to the previous year. This figure also represents a 0.3 percent rise from August, marking the most substantial monthly increase since April. The PCE, which excludes the often volatile food and energy prices, exceeded economists' anticipated 2.6 percent increase. These figures could potentially strengthen arguments for the Federal Reserve to slow down its rate cuts, especially considering the agency's half a percentage point rate reduction in early September. However, the overall inflation rate stood at 2.1 percent year over year, the lowest since early 2021.
"The year-over-year core PCE print indicated a 2.7 percent increase suggesting that the Fed is still on a bumpy course in this last mile to quell inflation and declare victory," said Chief Global Strategist for LPL Financial. He further argued that the Federal Reserve might need to reconsider its rate reductions to curb the inflation that has been plaguing the economy under the Biden-Harris administration.
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He also added, "Moreover, there’s a nearly palpable narrative taking hold that the election – rather than offering the market a sense of certainty – will do just the opposite, causing volatility to spike significantly higher.” The Federal Reserve is anticipated to further cut rates after its meeting on November 6-7, but most expect a quarter-point cut rather than a half-point.
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Joanne Hsu, an economist at the University of Michigan, shared with the Post, “All year, consumers have repeatedly told us that the trajectory of the economy hinges on who becomes the next president.” She further added, “Given the close nature of the presidential race, many consumers will be updating their expectations of the economy after the election is resolved, and sentiment may be somewhat unstable in the months ahead as consumers form their views on what the next presidency will look like.”
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The economy has been a central issue in the campaigns of both Trump and Harris. However, the GOP nominee has consistently outperformed Harris on this front. As the election draws closer, the performance of the economy under the next administration remains a significant concern for voters, with the recent inflation surge adding another layer of complexity to the situation.
