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.
Jay Hatfield, Chief Investment Officer at ICAP, believes a lot of the bad news regarding the fighting in Ukraine and Fed is already priced into the market and looming uncertainty factored into Friday's movement. However, he also believes the upcoming Fed decision will be good news for Wall Street.
NFT platform OneOf has partnered with Duke University's athletic program to create a special men's basketball NFT collection ahead of Mike Krzyzewski's final home game as Duke head coach this Saturday. Matt Marino, VP of Sports & Lifestyle at OneOf, joins Cheddar News' Closing Bell, where he takes viewers through the offerings available for collectors and his company's other pursuits in the sports collectibles space.
The pandemic, chip shortages, and now war. Automakers around the world have been getting slammed, and it now seems like things could get worse. Several car manufacturers have announced they are halting sales or shutting down factories in Russia after nations around the world moved to tighten sanctions against the country. Lisa Whalen, Auto and Mobility Analyst for Morning Consult, joins Cheddar News' Closing Bell to discuss.
Matt Hougan, CIO at Bitwise Asset Management, joins Cheddar News' Closing Bell, where he explains what we're learning about cryptocurrencies during the Russian invasion of Ukraine and says that there's not a simple, clean narrative that can be reached.
Shared EV service Revel raised $126 million in a Series B round. Revel first came on the map in 2018 with its shared electric moped service in New York City, which has since expanded to other cities on the east coast. The company also operates an all-Tesla ride-hailing service in Manhattan.
Now, it is looking to expand its network of EV fast-charging stations, which the company calls super-hubs. Frank Reig, CEO of Revel, joins Cheddar News' Closing Bell to discuss.
Amid Russia's attack on Ukraine, major businesses from BP to Big Tech like Apple have been pausing their business dealings with the invading nation. Brian Walker, chief strategy officer at commerce software company Bloomreach, joined Cheddar News to discuss how some companies are showing support for Ukraine and what this could mean for consumers. "Whether it be impacts on energy or operational costs, shipping and logistics, or frankly impacts on the financial services industry, these will have long term implications on retail prices," he said.
About 678,000 jobs were created in February, hundreds of thousands more than predicted, according to the latest Labor Department report, showing a broad economic recovery despite inflation woes. Heather Boushey, member of the Council of Economic Advisers for President Biden, joined Cheddar News to talk about the employment figures. "This really shows that the economy is now more resilient because of the tools that we have in place," Boushey said. "So I'm optimistic that we'll be able to weather future storms."
There will soon be another, lower-cost subscription option for Disney+ — but with commercials. Disney will launch the new ad-supported tier for its streaming service in the U.S. later this year and internationally in 2023, but so far there is no word on an exact launch date or price for the new service option. Tal Chalozin, co-founder and CTO of online ad tech company Innovid, joined Cheddar News' Closing Bell to discuss what the news could mean for the next chapter of the streaming wars. "I wouldn't say that are worried about subscriber growth, but they have big goals to fill," he said. "They need to go to the mid-market or the longer tail. An ad model, always proven that that that's the way to go to mass market in television."
From Wall Street to Silicon Valley, these are the top stories that moved markets and had investors, business leaders, and entrepreneurs talking this week on Cheddar.
