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Inflation rose in October about in line with estimates, sending a sign that price increases at least are stabilizing, according to the Commerce Department.  The core personal consumption expenditures price index, a gauge that excludes food and energy and is favored by the Federal Reserve, rose 0.2% for the month and was up 5% from a year ago. The monthly increase was below the 0.3% Dow Jones estimate, while the annual gain was in line.  The gains also represent deceleration from September, which saw a monthly increase of 0.5% and an annual gain of 5.2%.

Federal Reserve Chairman Jerome Powell confirmed yesterday afternoon that smaller interest rate increases are likely ahead even as he sees progress in the fight against inflation as largely inadequate.  Echoing recent statements from other central bank officials and comments at the November Fed meeting, Powell said he sees the central bank in position to reduce the size of rate hikes as soon as next month.

Mortgage rates soared over 7% just a month ago, but since then they have fallen more than half a percentage point. Still, mortgage loan application volume decreased 0.8% last week compared with the previous week, and were 41% lower than a year ago according to the Mortgage Bankers Association’s seasonally.

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