New York Fed Supply Chain Pressure Index Rose to 1.28 in September

The Federal Reserve Bank of New York said Tuesday that its Global Supply Chain Pressure Index rose to 1.28 in September from an upwardly revised 1.20 in August, signaling a modest pickup in strain on global supply networks. The report did not identify what drove the index, which tracks how well global supply chains are functioning. September's reading remains below the most recent peak of 1.81 in May and well under the 4.43 hit in December 2021, when COVID-19 disruptions were widespread. Elevated supply chain pressures can feed into inflation. Fed officials raised their interest rate target last month and penciled in another increase for year end, aiming to return elevated price pressures to the central bank's 2% target.