Consumer prices increased in September

Market Overview
Read time 1.4 minutes

Year To Date Performances:

1. The U.K. regulator, the Financial Conduct Authority (FCA), has fined former Barclays CEO Jes Staley £1.8 million ($2.21 million) over his misleading statements about his relationship with the late sex offender Jeffrey Epstein. In addition to the fine, Staley has been banned from holding any influential position within the U.K. financial services sector. The FCA found that Staley had "recklessly approved" a letter to the regulator that falsely represented his ties with Epstein. Despite Staley stepping down from his role as CEO in November 2021 amid the scandal, Barclays has decided to withhold or recoup £17.8 million worth of his past bonuses and compensation. Staley is challenging the FCA's decision in the upper tribunal.

2. Consumer prices in September increased more than expected, keeping inflation at the forefront of concerns for policymakers. The Labor Department reported that the consumer price index, a key inflation metric, went up by 0.4% for the month and 3.7% year-on-year, surpassing some analyst predictions. However, when excluding the often-volatile food and energy sectors, the core CPI matched predictions with a monthly increase of 0.3% and an annual rise of 4.1%.

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4. Headlines

   1. The UAW is extending its strike in Kentucky., This will impact the manufacturing of Ford’s pickups, the Ford Expedition and Lincoln Navigator.

   2. The Department of Justice is suing eBay for selling “rolling coal” devices in an action that could cost eBay as much as $2B.

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