U.S. inflation rose 2.6% on an annual basis last month, representing an uptick from September when the Federal Reserve began cutting interest rates amid signs of cooling prices and a weaker labor market.

Later today, the Bureau of Labor Statistics (BLS) will release its latest consumer price index (CPI) numbers, and economists are bracing for a third straight month of solid inflation growth. They’re forecasting that the core CPI—an index that strips ...

CPI inflation rose to 2.6% in October, higher than the 2.4% in September, though in line with projections. There is an indication that the probability of a pause in rate cuts has risen.

A rapid slowdown in the rate of U.S. inflation appears to have lost steam, potentially raising questions about how aggressively the Federal Reserve will cut interest rates early next year.

The consumer price index may show core inflation coming in on the high side again. That could slow Federal Reserve rate cuts and the S&P 500 Trump election rally.