Trump and Fed Diverge on Inflation Outlook; Wage Data Offers New Clues

English summary

Ahead of midterm elections, Trump claims inflation has fallen significantly and the US is in a golden age, while Fed Chair Warsh notes inflation remains above target. The Fed held rates at 3.75%-4%, emphasizing the need for more data to ensure price stability. Q3 Employment Cost Index shows stable wage growth and declining real pay, though healthcare costs rose. Markets await next week's non-farm payrolls to gauge labor market resilience and policy direction.