Connect with us

Published

on

close video Powell has ‘made it clear’ Fed will not ‘pivot’ on rates: Sica

Circle Squared Alternative Investments CEO Jeff Sica joins “Varney & Co.” to share his market outlook and breaks down his predictions for how the Federal Reserve will handle rate hikes going forward.

The consumer price index (CPI) rose 6.4% in January on an annual basis, hotter than expected, but remained steady compared to last month. 

The latest read presents more challenges for Federal Reserve Chair Jerome Powell who has hinted that disinflation is underway.

Still, elevated costs for everyday staples remain stubbornly high.

A cashier checks out a customer at a Publix grocery store. (Jeffrey Greenberg / UCG / Universal Images Group via Getty Images / File / Getty Images)

The Labor Department reported that the CPI, a broad measure of the price of everyday goods that includes gasoline, groceries and rents, rose 0.5% on the month in January after a surprise decline of 0.1% in December. 

JANUARY RENTS HAD THE SMALLEST INCREASE SINCE MAY 2021

Annually prices remain above 6% but are down sharply from the 9.1% surge in June, which marked the highest inflation rate in almost 41 years.

Customers shop in a store in Queens, New York, on Dec. 23, 2022. (Ziyu Julian Zhu / Xinhua via Getty Images / File / Getty Images)

Still, inflation is expected to remain roughly three times higher than the pre-pandemic average on an annualized basis, underscoring the persistent financial burden placed on millions of U.S. households by high prices.

JAMIE DIMON WARNS IT'S TOO EARLY TO DECLARE VICTORY AGAINST INFLATION

When factoring out volatile food and energy costs, the core consumer price index rose 0.4% in January, slightly above December’s 0.3% increase. Annually, core CPI ticked up 5.6% in January, more than expected. 

It's still lower than September’s 6.6% increase, which was the highest in 40 years.

Federal Reserve Board Chairman Jerome Powell (Julia Nikhinson / Getty Images / File / Getty Images)

Powell has previously acknowledged that disinflation has begun, but the Fed chairman also says there is still a long way to go to reach the central bank’s desired 2.0% inflation rate. 

GET FOX BUSINESS ON THE GO BY CLICKING HERE

The markets initially welcomed this message, sending risk assets like stocks higher. But recent concerns that the Fed will keep rates higher for longer have investors worried about a policy mistake.

FOX Business' Charles Brady and Megan Henney contributed to this report.

Continue Reading

Politics

Starmer ‘playing whack-a-mole’ to keep US on side – but will it be enough?

Published

on

By

Starmer 'playing whack-a-mole' to keep US on side - but will it be enough?

Keir Starmer flies out of South Africa this evening with two massive issues on his agenda – a potentially manifesto-busting budget and, as it stands, an unacceptable Ukrainian peace deal.

As he prepared to depart for London, the prime minister confirmed he was dispatching national security adviser Jonathan Powell to Geneva for talks with US officials, other European security advisers and Ukrainian representatives – as Europe and Ukraine scramble to reinsert themselves into a plan drawn up between Washington and Moscow.

The prime minister said on Saturday there was “more to do on the plan” in the coming days and the focus now was to try to make progress in Geneva.

Follow the latest: European leaders raise concerns over plan for Ukraine

Please use Chrome browser for a more accessible video player

PM: ‘More to do’ on US Ukraine peace plan

After speaking on the phone to Donald Trump, Downing Street said the pair agreed their teams would work together on the US leader’s proposal in the Swiss city on Sunday.

Starmer also reiterated Britain’s “steadfast support for Ukraine” in a call with President Zelenskyy – as allies try to swing this deal more in Ukraine‘s favour, with the UK and other international leaders clear on their concerns to limit the size of the Ukrainian army and give up territory to Russia.

But in his remarks on camera, the prime minister was at pains to neither criticise the current deal nor President Trump.

One figure told me that the PM wants to act as a bridge between the Europeans and the US and has been playing a “game of whack-a-mole” over the past couple of days in an effort to keep others from publicly saying the deal is unacceptable for fear it would only serve to irritate President Trump and hurt Ukraine.

File pic: Reuters
Image:
File pic: Reuters

Earlier, the prime minister said he would talk to his US counterpart in the coming days.

“I’m absolutely clear in my mind that President Trump wants a just and lasting peace, not just from the actions he’s taken towards that end, but also from the private discussions that I’ve had with him,” Mr Starmer said.

“So I know what he’s trying to achieve. We all want to achieve that.”

But there will be a question about what the alternative options are if allies cannot improve this deal by President Trump’s Thursday deadline.

The frontline in eastern Ukraine
Image:
The frontline in eastern Ukraine

The first option is to try to improve it and also slow down the process and buy more time, but if that fails, are allies looking at scenarios where they try to shore up Ukraine’s war efforts without the US support?

The prime minister responded by talking about point five in the 28-point plan, in which Ukraine is offered security guarantees from the US.

Read more:
Trump’s 28-point Ukraine peace plan in full
Analysis: We could all pay if Europe doesn’t step up
Starmer addresses G20 summit – but Trump boycotts talks

“That fortifies in me the belief that what we’re all trying to achieve here is a just and lasting peace will only be just as lasting if there are security guarantees,” Mr Starmer said.

“And if we bear in mind that matters for Ukraine are always to be determined by Ukraine.”

The next 24 hours will be critical as the Europeans, Ukraine and other allies try to improve this deal.

Continue Reading

Sports

UAB: Player arrested after stabbing 2 teammates

Published

on

By

UAB: Player arrested after stabbing 2 teammates

A UAB football player stabbed two of his teammates Saturday morning at the football facility ahead of the Blazers’ home game against USF, a university spokesperson told ESPN.

The suspect has been arrested, and both injured players are in stable condition after being taken to UAB hospital. The school has not released the names of any of the players involved.

UAB’s game against USF began as scheduled at 3 p.m. ET.

A UAB official said an investigation is ongoing.

“UAB’s top priority remains the safety and well-being of all of our students,” the school said in a statement.

Continue Reading

Sports

Sources: ASU’s top WR Tyson expected back

Published

on

By

Sources: ASU's top WR Tyson expected back

Jordyn Tyson, Arizona State‘s leading receiver, is expected to return from a hamstring injury and play Saturday when the Sun Devils visit the Colorado Buffaloes, sources tell ESPN’s Pete Thamel.

Tyson is expected to participate in pregame warmups, and barring any setbacks, he’ll be cleared to play against his former team.

Tyson suffered the injury Oct. 18 in Arizona State’s upset win over then-undefeated Texas Tech. He finished that game with 10 catches for 105 yards and a touchdown but has not played since.

Despite missing the past three games, Tyson leads the Sun Devils in catches (57) and yards receiving (628), and he is the team leader with eight touchdowns.

Continue Reading

Trending