Know The Difference Minute

On the way to a soft landing, inflation was supposed to be heading south. Today’s CPI report had other ideas.

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Inflation stays hotter.
Welcome to the Know the Difference Minute for Tuesday, February 13th.
On the way to a soft landing, inflation was supposed to be heading south. Today’s CPI report had other ideas—instead, clocking in at 3.1% instead of the predicted 2.9.
Blame shelter prices which contributed more than 2/3rds of the increase. Core CPI, which removes food and energy, sits at 3.9% and hasn’t budged since December. Food prices were up again for the month, but you knew that.
Market reaction to the news was brutal. Dow saw session lows, down 700, its biggest drop since last February. S&P 500 slid 1.8%, Nasdaq Composite fell 2.1%.
Before I let you go: Public Service Announcement, boys. Tomorrow is Valentines Day. If you’re buying chocolate, it is going cost more. Still, that’s a lot better than forgetting entirely.
I’m Dave Spano from Annex Wealth Management. That is your Know the Difference Minute.