US consumer inflation edges up to 2.6%, marking first pickup in pricing pressure since March. The core reading of inflation (excluding energy and food) held steady at a 3.3% pace. “Progress on inflation has started to stall,” says Michael Pugliese, a senior economist at Wells Fargo. “The time is fast approaching when the Fed will signal that the pace of rate cuts will slow further, perhaps to an every-other-meeting pace starting in 2025.”
