BANK OF AMERICA WARNS FED COUL

BANK OF AMERICA WARNS FED COULD DELIVER 50BPS HIKE IN DECEMBER

Bank of America says October's hot CPI report virtually guarantees a December Fed rate hike — and opens the door to a larger 50bps move.

Headline CPI rose 0.4%, while core CPI climbed 0.3%, marking a third consecutive upside inflation surprise. BofA now estimates core PCE inflation at 3.3% YoY.

Price pressures are spreading across goods and services, with electronics, airfares and hotels driving increases.

BofA still expects 25bps in December, but sees growing risk of another hike in January rather than March.

The bank warns the Fed is falling behind inflation and calls October's decision to hold rates a potential policy mistake.

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