U.S. inflation was 3.7% in September, and Cleveland Federal Reserve President Beth Hammack warned that consumers are beginning to treat high inflation as a normal part of everyday life. She said persistently high inflation is shaping how consumers perceive prices. Separately, the latest Consumer Price Index reading exceeded analyst forecasts, lifting market expectations for a 25-basis-point Federal Reserve rate hike this month. Traders are reassessing policy expectations ahead of the upcoming Fed meeting, though the data does not establish that rates will rise.