Inflation control remains a challenging endeavor, with the central bank's preferred inflation measure rising only modestly in January, demonstrating progress yet still exceeding the 2% target. The core personal consumption expenditures price index also increased at a steady rate. Spending has notably decreased, and economists express concern about the necessity for evidence to support any shift back to interest rate cuts. Conversations at the Federal Reserve reveal uncertainty about the timeline for inflation decline while labor market robustness remains vital for monetary policy adjustments. Consumer sentiment surveys indicate growing concerns over economic conditions.
Getting inflation under control since the worst surge in decades has been a bumpy process in recent months. A central bank's preferred inflation measure showed only slight progress.
The inflation figures underscored the Federal Reserve's cautious approach to interest rate cuts after adjustments made in the second half of last year, with the rate now between 4.25% and 4.5%.
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