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On November 10, Brian Jacobsen, Chief Economic Strategist at Annex Wealth Management, noted that core CPI once again rose 0.3% month-over-month, headline CPI remains elevated, and the oil price shock has already spilled over into core inflation. Although Chicago Fed President Goolsbee does not hold a vote this year, his view that AI demand may be a factor the Fed needs to restrain could reflect the thinking of many Fed officials. Fed Governor Waller said he might support a larger rate hike. The Fed is currently more concerned that AI investment demand is crowding out resources for other economic activities and pushing up prices. Beyond oil prices, new concerns include rising hiring costs for skilled trades such as plumbers and electricians.
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