The latest inflation reading in the United States offers a rare moment of calm in a year of conflicting economic signals. Prices rose 3 per cent in September compared with a year earlier, a modest uptick that nevertheless lands below most analysts’ expectations. In a political and policy environment strained by tariffs, supply-side frictions, and a lingering sense of post-pandemic fragility, this figure represents something unusual: a reasoned balance rather than a red flag.

The most important takeaway from this data is not the number itself, but what it says about the broader economy’s resilience. Inflation remains above the Federal Reserve’s 2 per cent comfort zone, yet the feared spiral of tariff-driven price escalation has not materialised. Many companies appear to be absorbing at least part of their higher import costs rather than transferring them fully to consumers. That restraint........

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