BLS releases headline CPI inflation report today for January 2023
Traders and investors have been patiently waiting for today’s inflation report to glean information on whether or not the Fed will maintain its current monetary policy or adjust it to a somewhat looser policy. The report came in very close to estimates and did indicate that inflation is continuing to diminish. However, the increase in headline inflation at 0.5% was the biggest month-to-month increase since June 2022.
I believe the biggest takeaway from today’s report was that when combined with the last jobs report that was exceedingly robust it gives the Federal Reserve the ammunition to continue its aggressive monetary stance because today’s report and the jobs report last week indicate that the strength of the economy is such that it can handle recent rate hikes by the Federal Reserve.
Another takeaway from today’s report is that it is highly probable that the Federal Reserve will raise rates again in March. According to the CME’s FedWatch, the probability of a ¼% rate hike at the next FOMC meeting is 90%.
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