Inflation will not go away. The rate as measured by the consumer price index (CPI) dropped — on an annual basis — to 6.4 percent in January from 6.5 percent in December. It continues to be persistent. As some would say, it remains “sticky on the downside.” And that raises a crucial question: How will this affect future action by the Federal Reserve? While this marks the seventh consecutive monthly decrease of the CPI from the high of 9.1 percent in June 2022, the financial markets clearly anticipated a larger decline. The consensus forecast was a 6.2 percent increase. All...

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