According to reports, the US CPI rose 3.7% year-on-year in September, exceeding market expectations and extending the record of US inflation exceeding the Federal Reserve's 2% target to 66 consecutive months, more than five years. Data from Bespoke Investment Group shows that this is only the third period in the past century where US inflation has remained above 2% for at least five consecutive years. Persistently high inflation continues to challenge the Federal Reserve's path to interest rate cuts.
