Gold and silver prices jumped on Thursday following the release of October’s inflation data, showing that price increases slowed more than economists had expected. The dollar also dropped on the news, causing precious metals to rise .
The Fed will be guided by November’s inflation numbers which are scheduled for publication before the next FOMC meeting, on Dec. 14. While October’s core CPI was down 0.3% compared to 6.6% in September, the so-called necessities of life — shelter, food and energy — continue to climb. Year over year, shelter prices are up 6.9%, food prices gained 10.9%, gasoline prices rose 17.6%, and staples such as eggs , bread and milk remain elevated, according to the Bureau of Labor Statistics.
As mentioned the Fed has raised its benchmark interest rate six times this year, including four consecutive 0.75% raises, to try and get ahead of inflation now running at 7.7%. But at 7.7%, the official rate is more than three times as high as the Fed’s normal 2% inflation target, suggesting more rate hikes are likely to come.
According to the New York Times, Underground storage sites around the continent have been fully stocked with emergency gas supplies. Nuclear power plants slated for closure in Germany will stay open. From France to Sweden, thermostats are being lowered to just 19 degrees Celsius, or 66 degrees Fahrenheit. Slovakia is even urging people to limit showers to two minutes.
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