Source: Economics Group of Wells Fargo Bank, N.A.
Summary
The heat continues to gradually get turned up on inflation. Consumer prices in August came in a bit hotter than expected, with the CPI rising 0.4% versus consensus expectations for a 0.3% rise. Excluding food and energy, prices advanced 0.346%—in line with the consensus on a rounded basis but also a little stronger on an unrounded basis.