16 Feb An update on inflation and interest rates
An update on inflation and interest rates
Today we had unexpectedly strong inflation data and a drop in weekly jobless claims. This news will pressure the Federal Reserve to continue to raise interest rates to reduce inflation.
The labor market today released producer prices and they increased the highest amount in 7 months. It showed wholesale prices rose higher than expected. In addition, we had a strong retail sales number released on Wednesday and a decline in people filling for jobless claims.
What happens now?
The data says our economy is stronger than the Federal Reserve expected and expect an increase in interest rates of a half-point instead of a quarter-point at the Federal Reserves next meeting on March 21st.
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