CPI data for January will be released at 8.30am ET on February 14: 2023. Inflation is among the most closely watched economic indicators currently, because it is driving much of the Fed’s thinking on interest rates.
Recently, inflation has declined from mid-2022 highs, but the Fed still have concerns that inflation won’t trend back to their 2% target as quickly as they would like. Nowcasts of inflation suggest inflation could be somewhat higher than recently in the CPI data for the month of January. Recent projections imply that the Fed is currently planning to move rates a little higher than the markets expects, February’s CPI report will be a central data point in that debate. It will be important to watch core inflation and the trends in housing within the CPI.
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