The U.S. inflation report for December is being released this morning, which could provide another welcome sign that the worst bout of spiking prices in four decades is slowly weakening.
for December being released Thursday morning could provide another welcome sign that the worst bout of spiking prices in four decades is slowly weakening.
On a month-to-month basis, the economists think prices were flat in December. Even more significant, a closely watched gauge of "core" prices — which excludes volatile energy and food costs — is expected to have risen just 0.3% from November to December and 5.7% from a year earlier. The Fed closely tracks core prices, which it sees as a more accurate indicator of future inflation, in setting its interest rate policies.
FILE IMAGE - A person shops for groceries at Lincoln Market on March 10, 2022, in the Prospect Lefferts Garden neighborhood of Brooklyn borough in New York City. If the data show only a small increase in services costs, that would likely strengthen hopes that the economy can avoid recession and instead experience a "soft landing." Such a scenario would mean slow growth and likely a small rise in unemployment but much less economic pain than a full-fledged recession.
"The soft landing narrative has gained some credibility this year, and that has also led to a stock market rally," said Michael Arone, chief investment strategist at State Street Global Advisors.Record number of Americans are paying $1000 a month or more for monthly car payments, data shows Still, in their remarks in recent weeks, Fed officials have underscored their intent to raise their benchmark short-term rate by an additional three-quarters of a point in the coming months to just above 5%. Such increases would come on top of seven hikes last year, which caused mortgage rates to nearly double and made auto loans and business borrowing more expensive.
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