Surging inflation has eased in recent months, but more evidence is needed to show that price increases are coming down in the long term, Federal Reserve Chair Jerome Powell said Wednesday. (Photo by Yuki IWAMURA / AFP) (Photo by YUKI IWAMURA/AFP via Getty Images)
Prices rose half a percent in January, according to the latest consumer price index. That is up from a 0.1 percent decline in December, and five times the 0.1 percent increase in November.
The monthly uptick was in line with expectation, though the year-over-year rate came in higher than expected 6.4 percent, a marginal drop from a 6.5 percent rate in December.
Shelter (i.e. housing) contributed the largest share to the monthly increase, rising 0.7 percent.
Energy costs were also up across the board. The price of piped gas shot up 6.7 percent, while energy overall was up 2 percent after two straight months of declines.
Food prices, meanwhile, were up 0.5 percent. That is up from 0.4 percent in December, but still low relative to the last six months.
Used car prices also continued their steady decline, dropping 1.7 percent month-over-month and 11.6 percent year-over-year.
Despite the month-over-month drop, the annual rate has slowed for seven straight months.
The major U.S. indexes closed Tuesday off of session lows as investors digest the latest read on inflation, showing it remains hot. Wall Street is also preparing for earnings from big banks and monitoring potential policy moves from the Federal Reserve. Peter Tuchman, a stock trader at TradeMas, joins Cheddar News' Closing Bell and highlighted tech stocks in particular. 'The tech sector, which led us to record highs before the 1st of this year, are now the ones that are leading us lower,' he said.
The competition between streaming platforms is heating up as Apple TV+, HBO Max, and others acquire the rights to air live sports, oftentimes behind an exclusive paywall. While this is likely to entice some viewers, it also presents a risk that viewership will become fractured. Customers might steer away from subscription overload as content streaming options become seemingly endless. Jeff Agrest, deputy sports editor and media columnist at the Chicago Sun-Times, joins Closing Bell to discuss what it means for the live sports industry when content is put behind a paywall on streaming platforms, how it could impact viewership, impact on sports betting, potential acquisition targets, and more.
The Coca-Cola Company is teaming up with science education personality Bill Nye as part of its World Without Waste Initiative to describe the bottle-to-bottle plastic recycling process through a vividly animated, stop-motion short film. Christine Yeager, director of sustainability at The Coca-Cola Company, North America, joined Cheddar News to talk about their initiative and the partnership. "We really wanted to partner with someone who can help us make recycling relatable, but also has a very um respected voice in the climate change space," she said.
Billionaire Elon Musk made waves after revealing he's making an attempt at a hostile takeover of the social media platform Twitter. The Tesla CEO is offering $43 billion to buy the social media platform outright with "freedom of speech" allegedly at the forefront of his agenda. Dan Ives, managing director of equity research at Wedbush Securities, is taking the tech entrepreneur seriously. "I think through many twists and turns over the coming months, he ultimately ends up owning Twitter because Twitter's board, their back is going to be against the wall," he said.
Retail sales grew 0.5 percent in March, largely being attributed to the rise in gas prices. Jharonne Martis, director of consumer research at Refinitiv, joined Cheddar News to discuss why consumer confidence has remained strong despite high prices. "What's holding on the consumer is the strong employment market that we have right now in the United States, which is one of the strongest we had in a very long time. If consumers feel that they are secure in their job, they're going to continue to spend," she said. However, Martis noted that signs that consumer spending is slowing down are already visible as well.
Ann Mukherjee, the chairman and CEO of Pernod Ricard North America, joined Cheddar News to talk about Absolut Vodka’s decade-long partnership with the music festival Coachella. Perno Ricard's vodka brand has built the virtual world Absolutland in the Decentraland metaverse for users to explore. "We actually have a vending machine where you can actually purchase the cocktails that will be delivered right to your home," she said. The brand will also be featuring festival headliner Swedish House Mafia.
The tax deadline in the U.S. is on April 18 this year, and some filers may still not be able to complete their return by then. Cheddar has partnered with Jackson Hewitt to let you know what you can do should you blow the deadline.
With tax day just five days away, David Ragland, Certified Financial Planner, Certified Divorce Financial Analyst and Chief Executive Officer of IRC Wealth joined Cheddar's Opening Bell to break down everything you need to know ahead of the upcoming tax deadline.
Michelle Benvenuto, Executive Director of Winegrowers of Napa County, talks about the challenges winegrowers are having this season and discusses the battle over expanding vineyards in Napa County.
