Cleveland Fed's median September CPI posted a 0.2% gain
Cleveland Fed's median September CPI posted a 0.2% gain, matching the pace over the three prior months, and is in line with the 0.2% 6-month average. And while it's a little hotter than the 0.1% BLS measure of core inflation reported earlier, the annual pace also slowed (as did the government number) to a 2.5% y/y clip versus 2.6% in August. The 16% trimmed mean also rose 0.2% in September, matching August's gain, with the annual core rate holding steady at 2.1% y/y. Remember the Median CPI and 16% trimmed mean are alternative measures of core (excluding food and energy) inflation. Additionally, note the Cleveland Fed's Mester has been one of the most hawkish on the FOMC, though analysts don't believe these numbers will alter that stance.