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Kimberly Adams (1:01)

A hotter inflation reading than expected.

From Marketplace in Washington, I'm Kimberly Adams. We just learned that inflation is accelerating. Consumer prices went up six-tenths of a percent in September. That's more than what we saw in August, an increase of four-tenths percent. For more on this, let's welcome Susan Schmidt. She's portfolio manager at Exchange Capital Resources. Good morning, Susan.

Susan Schmidt (1:24)

Good morning.

Kimberly Adams (1:26)

So, the headline is that inflation remains persistently high. Why did consumer prices go up yet again here?

Susan Schmidt (1:33)

Well, I think that is the question everyone is asking themselves this morning. And investors are taking a hard look at this. It's not just energy and fuel prices that cause this number to be more elevated. Investors have been passing off a lot of the surface level increases as due to the rising cost of fuel, that rising cost of oil and gasoline. But on this report, we're seeing that the core number, so that's X food, X energy, that also went up more than expected. So it's trickling down to more than just the price of gasoline. This is what's causing great consternation and going to put some pressure on the Fed.

Kimberly Adams (2:09)

Let's say more about that because this is a higher number than many analysts were expecting and it's changed the perceptions about what the Federal Reserve might do with interest rates.

Susan Schmidt (2:19)

This is a surprise. That changes what investors then expect from the Federal Reserve, who has to control the interest rate, who sets the interest rate in response to pressures from inflation on the economy. After September's meeting, we saw the Fed raise rates a quarter of a percent and investors thought that, well, there might be another increase, but perhaps not until December. Instead, with this hotter CPI number, investors are now more weighted towards having an increase in the October meeting as well.

Kimberly Adams (2:49)

Susan Schmidt is portfolio manager at Exchange Capital Resources. Thank you, Susan.

Susan Schmidt (2:54)

Thank you.

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Kimberly Adams (4:17)

The International Energy Agency is warning this morning that a squeeze on diesel fuel will continue into late next year. For more, we're joined now by Fernando Valli, CIO at Rio Shore Investments. Fernando, good morning.

Fernando Valli (4:31)

Glad to be here.

Kimberly Adams (4:31)

The IEA says global diesel exports last month fell by 700,000 barrels a day compared to the year before. Can you remind us of the overall global situations that are causing that?

Fernando Valli (4:44)

The first and foremost is the Strait of Hormuz and the situation there. The second one has been the attacks from Ukraine on Russian refineries. And the last aspect is just global refineries in developed markets have been closing.