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US October Inflation Beats Forecasts, Fed Jitters Hit Markets
US October inflation ran hotter than expected, with the consumer price index rising 0.4% month-on-month, above the 0.3% forecast compiled by Dow Jones, according to the Labor Department's Bureau of Labor Statistics, Maeil Business Newspaper reports. Korea Times adds that the higher prices, which helped power sweeping Democratic victories in last week's midterm elections, appear likely to pose ongoing challenges for the White House. Wall Street's main indexes retreated Tuesday, pausing a two-day rebound in tech shares, as the data reinforced fears the Federal Reserve could keep interest rates higher, Korea Times reports. Korean media are focusing on the inflation overshoot and its market fallout, with Maeil Business and Hankyung both flagging the CPI beat in breaking-news alerts.
