Asia Pacific markets are set to trade lower following the release of US inflation figures.
— CNBC's Carmen Reinicke, Alex Harring and Jeff Cox contributed to this reportThe consumer price index, a widely followed inflation metric, rose slightly more than expected last month, thanks in part to rising gas and fuel prices.. Economists polled by Dow Jones had been looking for respective increases of 0.4% and 6.2%.
Although the consumer price index was up 6.4% on January — far above the Fed's target rate of 2% — Siegel said that the Fed's current rate hikes have already impacted prices, noting that it has been only 11 months since the Fed began its course of rate increases. He said that investors should expect the central bank to continue to raise rates from here, even if it's not what traders have been hoping for.
"In a nutshell, the mixed dynamics around rates, monetary policy, and the growth outlook had traders taking a breath last week and moving some of their chips to the side ahead of this week's January CPI report," he said.Fed's John Williams notes progress on inflation, vows to 'stay the course'
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