Connect with us

Published

on

US inflation rose 3.7% in September, more than economists expected and still well above the Federal Reserve’s 2% target, as the central bank weighs whether to hike interest rates again by year’s end.

The reading for the Consumer Price Index a closely watched measure of inflation that tracks changes in the costs of everyday goods and services matches the reading in August, and is slightly above the 3.6% advance that economists expected, according to data by the Bureau of Labor Statistics released Thursday.

On a monthly basis, inflation slowed to 0.4% from 0.6% in August, partly because of lower pressure from energy prices.

However, core CPI a number that excludes volatile food and energy prices and serves as a closely watched gauge among policymakers for long-term trends held steady at 0.3% month to month and rose 4.1% from a year ago, in line with expectations.

Though September’s CPI is also a cooldown from inflation’s 9.1% peak in June 2022, it still remains well above the Fed’s 2% goal. Stock futures dropped ahead of the market opening as traders increased their bets of another rate hike to around 50%, up from 30% earlier this week.

“The bigger picture is that the trend is still quite encouraging, but the fight continues,” said Olu Sonola, head of US regional economics at Fitch Ratings in New York. “They [Fed officials] may now want to extend the pause to December, given the recent increase in long-term rates.”

The gasoline index’s 2.1% advance was also a large contributor to the CPI, the data showed, though the federal agency said shelter’s 0.2% increase accounted for over half of the increase.

Gasoline experienced an eye-watering 10.6% increase last month, when AAA figures showed that the average price for a gallon of gas was $3.85.

As of Thursday, a gallon of gas in the US averages $3.65, according to AAA.

While many investors had been willing to look past the volatile energy numbers, a surprisingly resilient labor market has some worried that inflation could be more stubborn.

September’s employment report revealed that the US economy added a whopping 336,000 jobs last month — an unexpected surge that contradicts the notion the Fed may tamp down its aggressive tightening regime.

The blowout number was nearly double the 170,000 jobs economists had expected, and also sharply higher than an upwardly revised 227,000 jobs added in August, according to fresh data released by the Bureau of Labor Statistics last week.

The news sent yields on US Treasury bonds to their highest levels in 16 years and sent the Dow Jones Industrial Average into the red for 2023.

Since inflation hit a four-decade peak last summer, the central bank has worked to bring the stubborn figure down by hiking rates another 25 basis points to a 22-year high in August in hopes of an economic slowdown.

The benchmark federal funds rate currently sits between 5.25% and 5.5%. Last month, Fed officials unanimously decided to hold the record-high rate steady for the second time in six policy meetings so far this year.

But thanks to a strong labor market, the US economy has avoided a downturn, and even the Fed has said its no longer predicting the economy will slip into a recession by the end of the year.

“We must wait for more data to see if this is just a blip or if there is something more fundamental driving the increase such as higher rent increases in larger cities offsetting softer increases in smaller cities,” said US Bank of America Securities economist Stephen Juneau.

“When deciding whether to raise rates one last time this year, the FOMC will be asking whether inflation needs another nudge or if its getting to 2% on its own. Its increasingly looking like the latter,” NerdWallet data analyst Elizabeth Renter told The Post.

“The Fed, astheyreall too happy to remind us, is laser focused on getting inflation down to 2%.”

Fed Chair Jerome Powell has said central bankers will be taking a data-dependent approach moving forward, leaving more interest rate hikes before years end up in the air.

Markets were spooked ahead of the jobs report, falling more than 1% when the Labor Department released its Job Openings and Labor Turnover Summary, which showed job openings increased to 9.61 million in August up from 8.9 million in July.

With Post wires.

Continue Reading

Sports

Brewers edge Cubs to make first NLCS since 2018

Published

on

By

Brewers edge Cubs to make first NLCS since 2018

MILWAUKEE — Perhaps some divine intervention had a hand in the Brewers advancing to the National League Championship Series for the first time since 2018 after they defeated the Cubs in Game 5 of the NL Division Series on Saturday night. More than once, general manager Matt Arnold said he looked “to the heavens” for some inspiration from Brewers icon Bob Uecker, who passed away last offseason.

“I kept saying, ‘Bob, we need you,'” Arnold said in the Brewers’ champagne-soaked clubhouse following the tense 3-1 win. “We know he’s with us.”

Arnold’s prayers were answered as Milwaukee hit three solo home runs while perfectly navigating its own bullpen game — just as the Cubs were attempting to do — holding Chicago to a solo home run. Midseason pickup Andrew Vaughn went deep again, while midseason call-up Jacob Misiorowski pitched the bulk of the game, going four innings and allowing just that one run.

Vaughn, in particular, felt the meaning of the moment more than most. Traded by the Chicago White Sox after a terrible start to his season, he found new life with the Brewers. He compiled a 1.126 OPS in the series, including two home runs.

“The journey has been kind of crazy,” Vaughn said. “But not taking anything for granted. The opportunity to be with this group, it’s changed my life.”

For Misiorowski, it was the first time in 17 appearances, dating back to the regular season, that he didn’t issue a walk. He gave up three hits and struck out three in a masterful performance.

“I think I was giving everything I’ve got,” he said. “And I think I left everything out there.”

The other four Brewers pitchers held the Cubs scoreless.

“It kind of went according to plan,” Brewers manager Pat Murphy said. “But then, we saw [Aaron Ashby] was a little bit not as sharp as he could have been. It’s his fourth time seeing them. And then, Chad Patrick was maybe the player of the game because you don’t expect him to be that good, pitching an inning plus.”

Patrick relieved Ashby during a potential turning point in the sixth. With Milwaukee up 2-1, Ashby gave up a hit and then hit a batter, putting runners on first and second with no outs. But then he threw the pitch of the game, a nasty 98.6 mph fastball on the edge of the zone to Kyle Tucker, who swung and missed on a 3-2 count. Patrick entered next. He got Seiya Suzuki to fly out and caught Ian Happ looking. It was the last rally of the season for the Cubs.

“Ashby made a pretty darned good pitch, 3-2, to Tucker,” Cubs manager Craig Counsell said. “Looked like right down away on the corner. It was a nasty pitch. Seiya had a good at-bat against Patrick. … And then, they got out of it essentially.

“It’s really the only inning you could talk about. We just didn’t do much. We had six baserunners. You’re going to have to hit homers to have any runs scoring in scenarios like that.”

The win completed a back-and-forth series where the home team held serve throughout. The Brewers admitted the environment in Games 3 and 4 in Chicago got to them, allowing the Cubs to even the series after Milwaukee took a 2-0 lead. Would the Brewers give it away like they did in the wild-card round last year when New York Mets star Pete Alonso beat them with a late home run in the deciding game?

Longtime Brewers star Christian Yelich was asked what he learned from that heartbreaking experience.

“Just go at it fearless,” Yelich said during the postgame clubhouse party. “You can’t really lose them tougher than we did last year. So going into the night, you just play with a bunch of freedom. You know you’ve got belief and trust in your teammates that we’re going to be able to get the job done. That’s exactly what we’re able to do.”

The Brewers said all the right things about beating the Cubs, though it had to feel extra special taking down a big-market payroll and Milwaukee’s former manager, who left for greener pastures two years ago. As has become the norm since he took the job in Chicago, Counsell was booed every time he poked his head out of the dugout.

Milwaukee owner Mark Attanasio was asked if he had any doubts about his team continuing its winning ways after Counsell left the organization before the 2024 season.

“I believed in the process and the system and the people,” Attanasio said. “The Cubs were really good this year. It’s just a testament to this whole organization.”

In terms of big-market, high-payroll teams, the Cubs were just the appetizer. Next up for the Brewers are the defending champion Los Angeles Dodgers, who reside in the sport’s second-largest market and own the highest team payroll in the majors, more than $200 million ahead of the Brewers.

“It doesn’t get any more big market and small market than Brewers-Dodgers,” Yelich said with a smile. “We’re up against it. We know it. We love being in those situations. It’s fitting the season for us is going to come down to that series, that team and all that star power. You have the average Joes coming there. We’re going to do what we did all year, compete our asses off, go hard and see what happens.”

Attanasio added: “Let’s go! I can’t wait.”

The Brewers went 6-0 against the Dodgers in the regular season and have home-field advantage in the series, but they will be the decided underdogs. Uecker’s spirit might be needed now more than ever, as taking down the Dodgers despite everything that the Brewers have accomplished will be their toughest task yet.

“I’m grateful for the guys we’ve had in the room,” Murphy said. “They’ve been doubted every year. Everyone. There’s no one predicting the Brewers playing the Dodgers in the series.”

Arnold added: “We’ve been planning for this. You can’t just roll out of bed and play the Dodgers.”

Continue Reading

Sports

Bichette off Jays’ ALCS roster; Scherzer, Bassitt on

Published

on

By

Bichette off Jays' ALCS roster; Scherzer, Bassitt on

Toronto Blue Jays shortstop Bo Bichette is not on the roster for the AL Championship Series vs. the Seattle Mariners.

Bichette has not played since spraining his left knee in a collision on Sept. 6. He ran for the first time Wednesday, hit live pitching Friday and appeared to be in some discomfort as he ran the bases for the first time Saturday.

Game 1 against the Mariners is scheduled for Sunday night at Rogers Centre.

Toronto’s offense did not falter without the 27-year-old Bichette in the AL Division Series. The Blue Jays scored 34 runs in the four games and pounded the New York Yankees‘ pitching for 23 runs in the first two contests at home. But Bichette was one of the team’s three best hitters during the regular season.

A free agent this winter, Bichette rebounded from a dreadful, injury-plagued 2024 season in which he posted a .598 OPS in 81 games to his previous All-Star-level form in his platform year. He batted .311 — tied for second in the AL — with 18 home runs, 94 RBIs and an .840 OPS in 139 games, though he was the worst defensive shortstop in the majors as measured by outs above average and defensive runs saved.

Andres Gimenez, previously the team’s starting second baseman, started at shortstop for the Blue Jays in their division series win over Yankees. Utilityman Ernie Clement also played shortstop for Toronto during the regular season after Bichette’s injury.

After carrying just three starters in the AL Division Series and deploying a bullpen game in Game 4, the Blue Jays are carrying both Max Scherzer and Chris Bassitt — who finished the season on the injured list with back inflammation — on the ALCS roster as possible options for length. Both starters threw in a simulated game early in the week at Rogers Centre.

ESPN’s Jorge Castillo contributed to this report.

Continue Reading

Sports

Tucker on free agency, Cubs return: ‘We’ll see’

Published

on

By

Tucker on free agency, Cubs return: 'We'll see'

With the Chicago Cubs‘ season having come to an end, the questions about Kyle Tucker‘s future can start.

One of the most coveted players on the market entering free agency, the outfielder said after Saturday’s loss in Game 5 of the National League Division Series to the Milwaukee Brewers that he isn’t sure what’s next.

“We’ll see what happens,” said Tucker, who could command a contract in the $400 million range in free agency after agreeing to a $16.5 million deal to avoid arbitration this season. “I don’t know what the future is going to hold. If not, it was an honor playing with all these guys and I wish everyone the best of luck, whether it’s playing next year or not with them. It’s a really fun group to be a part of.”

The addition of Tucker, who was acquired via trade from the Houston Astros prior to this season, buoyed the Cubs’ hopes of a deep postseason run. And when Tucker was healthy and rolling early in the season, he was a viable MVP candidate and a catalyst in a dynamic, varied offense.

However, Tucker, who turns 29 in January, suffered a fractured right hand in June and a calf strain in September as the Brewers won the NL Central by five games over the Cubs, who landed the top wild-card spot at 92-70.

After returning from the hand injury, Tucker struggled at the plate, hitting .218 in July and .244 in August.

Still, he slashed .266/.377/.464 for the season with 22 home runs, 73 RBIs and 25 steals in 136 games while earning an All-Star nod for the Cubs. He returned in time for the playoffs and was 7-for-27 with one home run and one RBI.

“He meant a lot,” first baseman Michael Busch told reporters. “The consistency of at-bat, getting on base and driving [in runs]. He’s just as complete of a hitter as you can get. I think putting him in any lineup, he’s going to be right up at the top. I think he’s one of the best hitters in the game. He can change that lineup just with putting him in there.”

But the Cubs and Tucker, who is represented by Excel Sports Management, never came to an agreement on a long-term deal as the season unfolded.

“I don’t really know right now,” Tucker said when asked if the Cubs have an advantage in signing him as a free agent. “I was more worried about the game tonight and everything. I’ll kind of get through this today and worry about that a little later.

“I think this team is really, really talented. A great group of guys. And I can definitely see this team having a lot of success in the future.”

ESPN’s Jesse Rogers and Bradford Doolittle contributed to this report.

Continue Reading

Trending