{"id":14627,"date":"2026-09-11T20:04:39","date_gmt":"2026-09-11T20:04:39","guid":{"rendered":"https:\/\/www.rbc.com\/en\/economics\/?p=14627"},"modified":"2026-09-11T20:04:40","modified_gmt":"2026-09-11T20:04:40","slug":"inflation-pressures-bring-fed-off-the-sidelines","status":"publish","type":"post","link":"https:\/\/www.rbc.com\/en\/economics\/us-week-ahead\/inflation-pressures-bring-fed-off-the-sidelines\/","title":{"rendered":"Inflation pressures bring Fed off the sidelines"},"content":{"rendered":"\n<section class=\"wp-block-rbc-section-block  pos-rel\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner\" style=\"border-radius:0x\">\n<div class=\"wp-block-columns pad-t-hlf mob-pad-t-hlf pad-b-hlf mob-pad-b-hlf pad-l-hlf mob-pad-l-hlf pad-r-hlf mob-pad-r-hlf has-rbc-bright-blue-tint-4-background-color has-background is-layout-flex wp-container-core-columns-is-layout-c94bf079 wp-block-columns-is-layout-flex\" style=\"border-style:none;border-width:0px;border-radius:5px\">\n<div class=\"wp-block-column pad-b-hlf mob-pad-b-hlf pad-t-hlf mob-pad-t-hlf is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:98%\">\n<div class=\"wp-block-media-text is-stacked-on-mobile is-vertically-aligned-center mar-l-hlf pad-l-hlf\" style=\"grid-template-columns:22% auto\"><figure class=\"wp-block-media-text__media\"><img loading=\"lazy\" decoding=\"async\" width=\"1767\" height=\"1632\" src=\"https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2025\/12\/Icon-calend-dec-19-25.png?quality=80&amp;w=1024\" alt=\"\" class=\"wp-image-6212 size-full\" srcset=\"https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2025\/12\/Icon-calend-dec-19-25.png 1767w, https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2025\/12\/Icon-calend-dec-19-25.png?resize=300,277 300w, https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2025\/12\/Icon-calend-dec-19-25.png?resize=768,709 768w, https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2025\/12\/Icon-calend-dec-19-25.png?resize=1024,946 1024w, https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2025\/12\/Icon-calend-dec-19-25.png?resize=1536,1419 1536w\" sizes=\"auto, (max-width: 1767px) 100vw, 1767px\" \/><\/figure><div class=\"wp-block-media-text__content\">\n<p class=\"wp-block-paragraph\" id=\"Intro\">Next week, the focus will be on the FOMC&#8217;s September meeting. <strong><a href=\"https:\/\/www.rbc.com\/en\/economics\/financial-markets-monthly\/boc-and-fed-to-hike-from-different-starting-points\/\" target=\"_blank\" data-dig-id=\"LP-U.S.WeekAhead-14627-63fd92b4\" data-dig-category=\"LP-U.S.WeekAhead\" data-dig-action=\"link click\" data-dig-label=\"We now expect that the Fed will raise the Fed Funds Rate by 25 basis points\" rel=\"noreferrer noopener\" class=\"rbc-link-format\">We now expect that the Fed will raise the Fed Funds Rate by 25 basis points<\/a><\/strong> \u2014 the first hike since 2023.<\/p>\n<\/div><\/div>\n<\/div>\n<\/div>\n\n\n\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/www.rbc.com\/en\/economics\/us-analysis\/us-data-flashes\/us-august-cpi-inflation-is-moving-in-the-wrong-direction\/\" target=\"_blank\" data-dig-id=\"LP-U.S.WeekAhead-14627-63fd92b4\" data-dig-category=\"LP-U.S.WeekAhead\" data-dig-action=\"link click\" data-dig-label=\"August\u2019s core CPI\" rel=\"noreferrer noopener\" class=\"rbc-link-format\">August\u2019s core CPI<\/a> print highlighted accelerating inflationary trend, PPI signalled notable pressure in the inflation pipeline, and WTI hit $100\/barrel on concerns over the war in Iran. Meanwhile, the labor side of the <a href=\"https:\/\/www.rbc.com\/en\/economics\/us-analysis\/us-data-flashes\/august-us-employment-report-show-me-the-weakness-i-dont-see-any\/\" target=\"_blank\" data-dig-id=\"LP-U.S.WeekAhead-14627-63fd92b4\" data-dig-category=\"LP-U.S.WeekAhead\" data-dig-action=\"link click\" data-dig-label=\"Fed\u2019s mandate showed no clear signs of weakness.\" rel=\"noreferrer noopener\" class=\"rbc-link-format\">Fed\u2019s mandate showed no clear signs of weakness.<\/a> With inflation risks mounting, we expect the Fed will follow next week&#8217;s hike with two additional 25 basis point increases at the remaining meetings this year, fully reversing the three insurance cuts of 2025.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The prospect of rate hikes means consumers will feel the impact. As we have previously flagged, <a href=\"https:\/\/www.rbc.com\/en\/economics\/us-week-ahead\/watch-for-consumer-stress-as-inflation-remains-top-concern\/\" target=\"_blank\" data-dig-id=\"LP-U.S.WeekAhead-14627-63fd92b4\" data-dig-category=\"LP-U.S.WeekAhead\" data-dig-action=\"link click\" data-dig-label=\"the non-mortgage interest expense burden is already elevated\" rel=\"noreferrer noopener\" class=\"rbc-link-format\">the non-mortgage interest expense burden is already elevated<\/a>, and raising rates will add to it. Importantly, the August retail sales report will tell us how consumers held up through the end the summer. <strong>We look for the August retail sales print to rise 0.7% m\/m<\/strong> but largely on gas sales. Gas prices rose 4% m\/m in August and we expect to see some pullback elsewhere as a result. Motor vehicles are also expected to add to overall spending as Autodata showed an uptick in vehicle sales, following a sizeable uptick in nonrevolving consumer credit (i.e., auto loans). <strong>But stripping out the impact of gas and auto sales, we expect to see more subdued spending growth of 0.1% m\/m.<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Most consumers have likely spent their tax refunds, and with energy prices biting, consumer confidence worsened in August \u2014 both the University of Michigan sentiment index and the Conference Board measure deteriorated, a signal that a slowdown is likely. Discretionary spending categories face headwinds as lower- and middle-income households have been saving less of their incomes and increasing credit card usage. This is reflected in slower growth in grocery spending and a pullback in some big-ticket discretionary items like electronics and appliances.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">We do expect broader consumer demand will continue to be supported by <a href=\"https:\/\/www.rbc.com\/en\/economics\/us-analysis\/us-featured-analysis\/how-household-wealth-is-helping-drive-consumption-in-the-us\/\" target=\"_blank\" data-dig-id=\"LP-U.S.WeekAhead-14627-63fd92b4\" data-dig-category=\"LP-U.S.WeekAhead\" data-dig-action=\"link click\" data-dig-label=\"high-earners and wealthy households\" rel=\"noreferrer noopener\" class=\"rbc-link-format\">high-earners and wealthy households<\/a>, disproportionately concentrated among Baby Boomers. Aging demographics will continue to nudge spending away from goods in favor of services \u2014 most notably toward health care.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-wide wide\" \/>\n\n\n\n<h5 id=\"h-rate-hikes-pose-risk-for-a-rise-in-delinquencies\" class=\"wp-block-heading has-text-major-xs-font-size\">Rate hikes pose risk for a rise in delinquencies<\/h5>\n\n\n\n<figure data-wp-context=\"{&quot;imageId&quot;:&quot;6aa7b51f260ed&quot;}\" data-wp-interactive=\"core\/image\" data-wp-key=\"6aa7b51f260ed\" class=\"wp-block-image size-full is-resized wp-lightbox-container\"><img loading=\"lazy\" decoding=\"async\" width=\"1292\" height=\"1074\" data-wp-class--hide=\"state.isContentHidden\" data-wp-class--show=\"state.isContentVisible\" data-wp-init=\"callbacks.setButtonStyles\" data-wp-on--click=\"actions.showLightbox\" data-wp-on--load=\"callbacks.setButtonStyles\" data-wp-on--pointerdown=\"actions.preloadImage\" 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has-text-major-xs-font-size\">Retracement in spending evident as tax refunds are depleted<\/h5>\n\n\n\n<figure data-wp-context=\"{&quot;imageId&quot;:&quot;6aa7b51f2718e&quot;}\" data-wp-interactive=\"core\/image\" data-wp-key=\"6aa7b51f2718e\" class=\"wp-block-image size-full is-resized wp-lightbox-container\"><img loading=\"lazy\" decoding=\"async\" width=\"1222\" height=\"1066\" data-wp-class--hide=\"state.isContentHidden\" data-wp-class--show=\"state.isContentVisible\" data-wp-init=\"callbacks.setButtonStyles\" data-wp-on--click=\"actions.showLightbox\" data-wp-on--load=\"callbacks.setButtonStyles\" data-wp-on--pointerdown=\"actions.preloadImage\" data-wp-on--pointerenter=\"actions.preloadImageWithDelay\" data-wp-on--pointerleave=\"actions.cancelPreload\" data-wp-on-window--resize=\"callbacks.setButtonStyles\" src=\"https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2026\/09\/Screenshot-2026-09-11-at-3.51.57-PM.png\" alt=\"\" class=\"wp-image-14756\" 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data-wp-interactive=\"core\/image\" data-wp-key=\"6aa7b51f28147\" class=\"wp-block-image size-full wp-lightbox-container\"><img loading=\"lazy\" decoding=\"async\" width=\"5173\" height=\"3101\" data-wp-class--hide=\"state.isContentHidden\" data-wp-class--show=\"state.isContentVisible\" data-wp-init=\"callbacks.setButtonStyles\" data-wp-on--click=\"actions.showLightbox\" data-wp-on--load=\"callbacks.setButtonStyles\" data-wp-on--pointerdown=\"actions.preloadImage\" data-wp-on--pointerenter=\"actions.preloadImageWithDelay\" data-wp-on--pointerleave=\"actions.cancelPreload\" data-wp-on-window--resize=\"callbacks.setButtonStyles\" src=\"https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2026\/09\/new-WATable.png\" alt=\"\" class=\"wp-image-14763\" srcset=\"https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2026\/09\/new-WATable.png 5173w, https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2026\/09\/new-WATable.png?resize=300,180 300w, https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2026\/09\/new-WATable.png?resize=768,460 768w, https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2026\/09\/new-WATable.png?resize=1024,614 1024w, https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2026\/09\/new-WATable.png?resize=1536,921 1536w, https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2026\/09\/new-WATable.png?resize=2048,1228 2048w\" sizes=\"auto, (max-width: 5173px) 100vw, 5173px\" \/><button\n\t\t\tclass=\"lightbox-trigger\"\n\t\t\ttype=\"button\"\n\t\t\taria-haspopup=\"dialog\"\n\t\t\tdata-wp-bind--aria-label=\"state.thisImage.triggerButtonAriaLabel\"\n\t\t\tdata-wp-init=\"callbacks.initTriggerButton\"\n\t\t\tdata-wp-on--click=\"actions.showLightbox\"\n\t\t\tdata-wp-style--right=\"state.thisImage.buttonRight\"\n\t\t\tdata-wp-style--top=\"state.thisImage.buttonTop\"\n\t\t>\n\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"12\" height=\"12\" fill=\"none\" viewBox=\"0 0 12 12\">\n\t\t\t\t<path fill=\"#fff\" d=\"M2 0a2 2 0 0 0-2 2v2h1.5V2a.5.5 0 0 1 .5-.5h2V0H2Zm2 10.5H2a.5.5 0 0 1-.5-.5V8H0v2a2 2 0 0 0 2 2h2v-1.5ZM8 12v-1.5h2a.5.5 0 0 0 .5-.5V8H12v2a2 2 0 0 1-2 2H8Zm2-12a2 2 0 0 1 2 2v2h-1.5V2a.5.5 0 0 0-.5-.5H8V0h2Z\" \/>\n\t\t\t<\/svg>\n\t\t<\/button><\/figure>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-wide wide\" \/>\n\n\n\n<p class=\"has-text-align-center wp-block-paragraph\"><strong>About the authors:<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><em><strong>Mike Reid<\/strong>&nbsp;is Head of US Economics at RBC. He is responsible for generating RBC\u2019s US economic outlook, providing commentary on macro indicators, and producing written analysis around the economic backdrop.<\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><em><em><strong>Carrie Freestone<\/strong>&nbsp;is a Senior US Economist at RBC. She is responsible for generating RBC\u2019s US economic forecasts across GDP, employment, and inflation, and providing macro commentary through publications, presentations, and the media.<\/em><\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><em><strong>Imri Haggin<\/strong>&nbsp;is an <em>US<\/em><\/em> <em>Economist at RBC, where he focuses on thematic research. His prior work has centered on consumer credit dynamics and treasury modeling, with an emphasis on leveraging data to understand behavior.<\/em><\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-wide wide\" \/>\n<\/div>\n<\/section>\n","protected":false},"excerpt":{"rendered":"","protected":false},"author":318,"featured_media":12503,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"advgb_blocks_editor_width":"","advgb_blocks_columns_visual_guide":"","editor_notices":[],"footnotes":"","jetpack_post_was_ever_published":false},"categories":[86],"tags":[11,114,103,65,58,110],"rbc_econ_content_type":[],"class_list":["post-14627","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-us-week-ahead","tag-economy","tag-forecast","tag-gdp","tag-inflation","tag-labour-market","tag-u-s"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.2 (Yoast SEO v28.2) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Inflation pressures bring Fed off the sidelines - RBC Economics<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.rbc.com\/en\/economics\/us-week-ahead\/inflation-pressures-bring-fed-off-the-sidelines\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Inflation pressures bring Fed off the sidelines\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.rbc.com\/en\/economics\/us-week-ahead\/inflation-pressures-bring-fed-off-the-sidelines\/\" \/>\n<meta property=\"og:site_name\" content=\"RBC Economics\" \/>\n<meta property=\"article:published_time\" content=\"2026-09-11T20:04:39+00:00\" \/>\n<meta property=\"article:modified_time\" 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