Posted 2/13/2024, 2:04:00 PM
US Inflation Jumps in January, Dimming Hopes for Fed Rate Cuts As Price Rises Accelerate
- US inflation rose 3.1% in January, higher than expected, dimming hopes for Fed rate cuts
- Core CPI increased 0.4% to 3.9%, also exceeding forecasts and concerning for long-term trends
- Price increases widespread, with shelter, food, and energy indexes rising
- Strong January jobs report of 353,000 added jobs signals resilient labor market
- Fed keeping interest rates steady for now between 5.25-5.5%, squashing expectations of rate cuts in March
