In January, the consumer price index (CPI) increased by 3% year-over-year, exceeding the anticipated 2.9% growth and indicating rising inflation for four consecutive months. Fed chair Jerome Powell maintained that the economy is robust and not in a recession, while highlighting a cooling in labor market conditions. Despite lower-than-expected job growth, unemployment decreased and wage growth remained steady, suggesting a healthy economic landscape. Analysts have indicated that this decreases the urgency for the Federal Reserve to adjust interest rates, with a high probability of rates remaining steady at the next meeting.
CPI increased 3% in January from a year ago, higher than the 2.9% forecast.
Fed chair Jerome Powell said that the economy is strong and the US isn't in a recession.
Labor market conditions have cooled from their formerly overheated state and remain solid.
We're seeing economic activity staying healthy, taking urgency off the Federal Reserve.
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