1/ Inflation climbed 6.4% in January, down from 6.5% in December, and well below the June peak of 9.1%. While it was the seventh straight year-over-year slowdown, the January consumer price index was still higher-than-expected. On a monthly basis, inflation climbed 0.5% from December – up from the previous reading of 0.1%. Economists expect inflation to fall to roughly 4% later this year. Today’s inflation reading and a recent unexpectedly strong jobs report puts the Federal Reserve on track to raise interest rates at their March meeting to ensure inflation continues to fall. Investors now expect the Fed to raise rates to around 5.2% by the summer, and then hold rates above 5% through the end of 2023. (Wall Street Journal / Bloomberg / CNBC / Washington Post / New York Times / Associated Press / NBC News)
This is a companion discussion topic for the original entry at https://whatthefuckjusthappenedtoday.com/2023/02/14/day-756/