Inflation Report Arrives as Fed Confronts Bank Failures

The Wall Street Journal2023-03-14

The Labor Department’s inflation reading Tuesday will inform the Federal Reserve on price pressures in the economy as the central bank confronts bank failures.The inflation rate has cooled from a ...

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phantom74
2023-03-15
phantom74
like
BKT
2023-03-14
BKT
Pls like thanks
- eo1668:
  on
bostonxsgp
2023-03-14
bostonxsgp
ok
OJC
2023-03-14
OJC
Ok
Acip Sudirja
2023-03-14
Acip Sudirja
my name is acip sudirja from indonesia, i'm in need of money for school children, please help me
valentia
2023-03-14
valentia
Okie 👌

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The consumer-price index, a closely watched measure of inflation, advanced 6.4% in January from a year earlier, just edging down from December’s 6.5% increase.The Labor Department will release its February CPI report at 8:30 a.m. ET Tuesday.Stabilizing inflation along with signs of astrong labor marketand improvingconsumer spendingearly this year had introduced the possibility that the Fed could raise its benchmark interest rate by ahalf-percentage-pointat its March 21-22 meeting, after opting for a smaller increase in early February.That calculus, however, was complicated by the collapse ofSilicon Valley Bankand other financial institutions in the past days. The central bank may move more cautiously next week to assess the state of the financial system.Economists surveyed by The Wall Street Journal estimate that the consumer-price index cooled to a 6.0% increase in February from a year earlier. When excluding volatile food and energy prices, economists estimate the index edged down to a 5.5% gain from a 5.6% increase the prior month.“The Fed still has more work to do” to bring inflation back to near its 2% target, saidMichael Gapen, chief U.S. economist forBank of America. “If the Fed is successful at corralling the recent market volatility and ringfencing the traditional banking sector, then it should be able to continue its gradual pace of rate hikes until monetary policy is sufficiently restrictive.”The Fed has aggressivelyraised rates over the past yearin an effort to cool demand and combat inflation. Sharply higher interest rates contributed to the failure of $110 billionSignature Bankand $209 billion Silicon Valley Bank in recent days, and could complicate the central bank’s approach to raising rates this year, if the crisis were to spread further in the financial system.Before the bank failures, the broader economy showed surprising strength to start the year. Spending at retailers and restaurants rose in January at the fastest month rate in nearly two years, and theFebruary jobs report, released Friday, showed employers added 311,000 jobs after adding half a million jobs in January.Still, some signs of cooling have emerged. Economists estimate that retail spending declined in February. The Commerce Department will release new consumer data on Wednesday.Wage growth moderated last month, suggesting that tight labor markets aren’t leading to rapid increases in workers’ paychecks. Andjob openings,while still well exceeding the number of unemployed seeking work, fell in January, the Labor Department said.Private-sector jobpostings estimates show continued cooling demand for labor.Spending and employment is growing at service providers, such as restaurants, hotels, and doctor’s offices, which were hit hardest early in the pandemic. Those industries have underpinned recent inflationary pressure in part because of strong wage gains.At First Watch, a chain of more than 400 breakfast and lunch cafes, there has been little sign of a consumer pullback. While labor and related costs rose by 11.4% in 2022, the company raised menu prices by an average of 7.8% during the year, after being able to keep prices flat during 2021. Annual supplier contracts have helped keep the chain’s food costs predictable, while same-restaurant sales rose 14.5% compared with 2021.To capitalize on eager customers, the company is working to keep wait times low during peak periods such as weekend mornings. It is experimenting with different kitchen configurations and specialized roles such as dedicated beverage runners to free up servers.“We have unfulfilled demand that’s right at our front door,” First Watch Chief Executive Chris Tomasso said. “We’re investing in improvement and processes and equipment and things such as that to capture that demand.”In cases where labor shortages have led to higher prices, some consumers have pulled back and sought out cheaper alternatives.Ruby Koch-Fienberg and Ben Surface, of Dover, N.Y., shopped around for a contractor who would replace a malfunctioning wood-burning and demolish its damaged chimney. They were told that there was little chance the work could be completed this winter, given the backlogs of work, and the job could cost thousands of dollars.They are now contemplating doing the chimney demolition themselves.“We could save up to $8,000 and have a really fun weekend,” Ms. Koch-Fienberg 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Sudirja","avatar":"https://community-static.tradeup.com/news/a906edd07a989804ce9d688a5514a5f7","vip":1,"crmLevel":1,"crmLevelSwitch":0},"htmlText":"my name is acip sudirja from indonesia, i'm in need of money for school children, please help me","listText":"my name is acip sudirja from indonesia, i'm in need of money for school children, please help me","text":"my name is acip sudirja from indonesia, i'm in need of money for school children, please help me","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":10,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9949400013","repostId":1180759372,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":9949577885,"gmtCreate":1678794418547,"gmtModify":1678794422692,"author":{"id":"4116569270341752","authorId":"4116569270341752","name":"valentia","avatar":"https://community-static.tradeup.com/news/aa5d9699efc00e79a23259af692754b7","vip":1,"crmLevel":4,"crmLevelSwitch":1},"htmlText":"Okie 👌","listText":"Okie 👌","text":"Okie 👌","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9949577885","repostId":1180759372,"repostType":2,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"}],"isCommentEnd":false,"newsSizeData":{"likeSize":107,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; 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