Hotter Than Expected Data Challenges Hopes of 'Immaculate Disinflation,' Raises Possibility of Rate Hikes Creeping Back Into View

January inflation and jobs reports came in hotter than expected, fueling doubts about "immaculate disinflation"
Markets have pared back expectations for Fed rate cuts in 2023 and raised odds of no change
Sticky inflation in areas like owners' equivalent rent (OER) worries economists
Former Treasury Secretary Larry Summers said there's a "meaningful" 15% chance the Fed's next move is a rate hike
While still unlikely this year, experts say potential rate hikes have crept back into the conversation