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Fed should cut rates next week, says portfolio manager

Reuters Videos
Updated

STORY: The Personal Consumption Expenditures price index, or PCE report, the Federal Reserve's preferred inflation metric, rose 0.2% in September, in line with economists' expectations.

After the data, traders stuck to bets for a 25-basis-point rate reduction in the Fed's November meeting.

"The move next week, I think, is going to be important to support both the market and the economy," Miller said. "We're big believers that rates are higher than they should be in this economy and we would like them to continually move lower."