The US consumer price index for August came in at 8.3% year on year. Which, although a fall from the July figure of 8.5%, is above the consensus estimate 8.1%. This led to a sell-off in equity and bonds as although energy prices in the US have eased, it was the core figure (food and energy stripped out) that was the concern, rising 0.4% month on month. The persistence in this core CPI figure has again highlighted the Federal Reserve is not close to done raising rates. Many economists are predicting the US Federal Reserve will raise interest rates by three-quarters of a point next week after today's inflation report. The tech-heavy Nasdaq, a US index particularly sensitive to rate rises, was down 3.5% in the first hour of trading.