Wave of U.S. Inflation Data Reinforces Fed Pivot to Higher Rates [Business News Network (BNN) (Canada)]
Citigroup, Inc. (C)
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Source: Business News Network
The employment cost index, a measure cited by Fed Chair Jerome Powell in December as a key reason for the central bank's pivot to a more aggressive stance on inflation, rose 4% in the year through December, the most in two decades. In another sign of mounting inflationary pressure, a separate Commerce Department report Friday showed the personal consumption expenditures price gauge, which the Fed uses for its inflation target, rose 5.8% from a year earlier, the most since 1982. “Our view of continued upside risks to inflation into 2022 is reaffirmed by late-2021 data, with core PCE inflation continuing to climb and labor costs rising,” Citigroup Inc. economists Veronica Clark and Andrew Hollenhorst said in a note. The figures show a worsening inflationary environment and come just days after the Fed endorsed plans to raise interest rates in March. Powell also opened the door to more frequent and potentially larger hikes than anticipated, underscoring the challenge the Fed will
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