Gotrade News - US consumer prices rose 0.6% in September and 3.7% from a year earlier, above the 3.6% annual pace economists expected, according to the Bureau of Labor Statistics. A 9.1% jump in gasoline drove the print, stock futures fell before Wednesday's open and traders lifted bets on a Federal Reserve rate hike.
The hotter reading arrives ahead of the Fed's October 27-28 meeting, and Treasury yields rose alongside the drop in futures.
September CPI: Inflation 3.7% vs 3.6% Expected
Per the BLS release published Wednesday, October 14, the energy index climbed 5.2% in September and gasoline rose 9.1% on the month, leaving gasoline 34.2% higher than a year ago. Shelter rose 0.4%, while the food index was unchanged.
Core CPI, which strips out food and energy, rose 0.3% on the month and 2.6% over 12 months. As reported by TipRanks, economists had expected core inflation of 2.5% year over year, while the 0.6% monthly headline gain matched forecasts.
The BLS data show the monthly pace has picked up since July:
| Month (2026) | CPI, monthly change | Expected |
|---|
| July | 0.1% | n/a |
| August | 0.4% | n/a |
| September | 0.6% | 0.6% |
Source: BLS for actual readings; TipRanks for the September consensus.
Stock Futures and Treasury Yields After the CPI Print
According to TipRanks, Nasdaq 100 futures were down 0.60%, S&P 500 futures were down 0.28% and Dow futures were down 0.15% as of 8:44 a.m. EDT on Wednesday. The 10-year Treasury yield rose 9 basis points to 5.306%, and the 30-year yield climbed 5 basis points to 5.612%, keeping attention on how the yield curve is shifting.
Index trackers such as the SPDR S&P 500 ETF Trust (SPY) and the Invesco QQQ Trust (QQQ) follow those benchmarks. Bank earnings added to the morning's moves: TipRanks reported Bank of America fell about 4% before the open after a regulatory fine of more than $1.2 billion and third-quarter results that missed expectations.
SPY, QQQ and NVDA Market Data
| Ticker | Close | Daily change |
|---|
| SPY | $769.60 | -1.08% |
| QQQ | $728.95 | -1.97% |
| NVDA | $221.30 | -3.16% |
Regular-session close on October 14, 2026, New York time. Prices and changes: Yahoo Finance, cross-checked against Nasdaq's official close.
What Does the September CPI Mean for the Fed?
It has pushed traders toward pricing a rate hike. As reported by Investing.com, CME FedWatch odds of a quarter-point hike at this month's meeting rose to nearly 34% from about 29% on Thursday, after producer prices also came in hot.
Per Investing.com, headline producer prices rose 1.3% in September against a 0.3% estimate, the largest monthly gain in about four and a half years. "Every category of business inflation was hot, even after stripping away energy costs," Heather Long, chief economist at Navy Federal, said, suggesting the fight against inflation will likely take longer than people want.
Technology shares bore much of the pressure on Thursday. Investing.com reported the Nasdaq Composite fell 1.5% at the open, with chipmakers including Nvidia (NVDA) among the decliners, while the Dow rose 0.6%.
When Is the Next CPI Report?
The October CPI is scheduled for Tuesday, November 10, 2026, at 8:30 a.m. ET, according to the BLS. Before that, the Federal Reserve's calendar shows the FOMC meeting on October 27-28, followed by a December 8-9 meeting that includes a Summary of Economic Projections.
This article is for education and information only and is not investment advice. Investment decisions are yours to make after your own research.
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