*S&P 500 NOTCHES BIGGEST WEEKLY LOSS OF 2023 AS HOT INFLATION STOKES FED FEARS $SPY $SPX $ES_F
price index, or core PCE deflator, the Fed’s preferred inflation metric, gained 4.7% year over year in January, topping economic forecasts for 4.3%.
The hot inflation print arrived just as data showed a stronger-than-expected consumer, strengthening expectations that the Federal Reserve may have to hike by more than previously expected. “[F]rom the Fed’s perspective, a solid performance from the consumer despite 425bps in tightening suggests not only that individuals and households can withstand a further backup in rates, but also that significantly more tightening is necessary to result in the type of demand destruction necessary to tame inflation,” Stifel said in a note.inching closer to the 4% mark, sparking a rout in rate-sensitive sectors of the economy including tech.
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