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US inflation rose 3.1% in January, a hotter-than-expected increase that further stokes doubts as to whether the Federal Reserve will begin cutting interest rates this spring.

Last month’s Consumer Price Index — which tracks changes in the costs of everyday goods and services — came in higher than the 2.9% figure economists had expected, according to FacfSet.

Core CPI — a number that excludes volatile food and energy prices — increased 0.4% in January, to 3.9%, after rising 0.3% in December. The figure, a closely-watched gauge among policymakers for long-term trends, was also higher than what economists at FactSet expected.

Dow futures were poised to drop early Tuesday as traders began to unwind bets that the Fed will begin easing rates sooner rather than later.

The latest inflation figure marks a cooldown from December’s stiffer-than-expected 3.4% gain, which dampened hopes on Wall Street that the first of three highly-anticipated interest rate cuts this year could come as soon as March.

“The question is whether or not May 1 remains a possibility if the next series of inflation related data do not edge lower than expected,” said LPL Financial’s chief global strategist, Quincy Krosby.

“This could easily be a one off. But for all those people saying rates are too high, he’s got to cut now,” Chris Zaccarelli, chief investment officer of Independent Advisor Alliance, said of Fed Chair Jerome Powell. “What are we waiting for? This is why. This is exactly what Powell was worried about.”

The Bureau of Labor Statistics attributed the CPI’s increase to the shelter index, which rose 0.6% on a monthly basis and contributed to two-thirds of the monthly all-items increase. The food index increased 0.4% in January, more than the 0.2% it advanced in December.

The gas index, meanwhile, experienced a handsome 3.3% drop, offsetting increases in the electricity and natural gas indexes, the federal agency said. As of Tuesday, the average price for a gallon of gas in the US is $3.23, according to AAA data.

The Bureau of Labor Statistics’ latest CPI report underscores that cash-strapped Americans, who are still dealing with retail prices far above where they were before the pandemic.

Hopes for rate cuts also took a hit with the January jobs report showing the labor market is booming, with US employers adding a staggering 353,000 jobs last month.

The figure blew past the 185,000 jobs economists expected, as the unemployment rate remained steady at 3.7% for the third month in a row.

Januarys jobs report was the first major piece of economic data since the Federal Reserves latest policy meeting, when central bankersunanimously decided to keep interest rates at their current 22-year high, between 5.25% and 5.5%.

Considering the jobs report and the CPI, the Fed still “doesnt have a coherent set of criteria for cutting, so for all we know this resets the clock,” according to Subadra Rajappa, Societe Generale’s Head of US Rates Strategy.

“If cutting is a confidence game, we dont know when enough progress is enough or whether mild setbacks undermine their confidence.”

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Meanwhile, President Joe Biden has addressed the issue of “shrinkflation” — when businesses cut product sizes but keep prices the same — in a video posted on X ahead of Super Bowl LVIII.

Biden called the practice “a rip-off.”

Im calling on companies to put a stop to this. Lets make sure businesses do the right thing now, he said, though he didn’t offer a solution or policy to address the practice.

Senator Bob Casey in December released a report that showed the impact of smaller product sizes on everything from toilet paper to Oreos.

The report noted that household paper products were 34.9% more expensive per unit than they were in January 2019, with about 10.3% of the increase due to producers shrinking the sizes of rolls and packages.

It said the price of snacks like Oreos and Doritos had gone up 26.4% over the same period, with shrinking portions accounting for 9.8% percent of the increase.

Although inflation appears to be slowing, the economy remains Americans overall top concern, cited by 22% of poll respondents, as they have struggled with inflation and other aftershocks of the COVID-19 pandemic, according to a Reuters/Ipsos poll released last month.

Since taking office, Biden has made a pitch for lower supermarket prices, pushed drug makers to lower insulin costs, hotel chains to reduce fees and tried to diversify the meat-packing industry after beef prices skyrocketed in the aftermath of the pandemic.

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Stars rule forward Hintz out for Game 3 vs. Oilers

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Stars rule forward Hintz out for Game 3 vs. Oilers

EDMONTON — Dallas forward Roope Hintz has been ruled out for Game 3 of the Stars’ Western Conference finals series against the Edmonton Oilers on Sunday.

Hintz was a game-time decision for Dallas after leaving the third period of Game 2 on Friday with an injury. The center took a slash from Edmonton defenseman Darnell Nurse less than four minutes into that final frame and was helped off the ice without appearing to put weight on his left leg.

Stars’ coach Pete DeBoer said on Saturday they were awaiting test results on Hintz before determining his status for Game 3. Hintz travelled with the team from Dallas and arrived at Rogers Place on Sunday without wearing a walking boot.

DeBoer still declared Hintz’s status uncertain about an hour before puck drop. Hintz took warmups with the Stars before Game 3 but left several minutes early without participating in line rushes.

Hintz has five goals and 11 points in 15 postseason games and ranked fourth on the Stars in regular-season scoring with 28 goals and 67 points in 76 games.

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Hurricanes: ‘Tough look’ not sticking up for Aho

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Hurricanes: 'Tough look' not sticking up for Aho

FORT LAUDERDALE, Fla. — The Carolina Hurricanes regretted not sticking up for star center Sebastian Aho when he was mauled by Florida Panthers winger Matthew Tkachuk late in their Game 3 loss on Saturday night.

In the third period, with the Panthers cruising to a 6-2 win and a 3-0 lead in the Eastern Conference finals, Tkachuk went after Aho with a series of shoves and cross-checks, eventually putting him in a headlock and bringing him down to the ice. The incident was seen as retaliation for Aho’s low hit on Florida’s Sam Reinhart that injured him in Game 2 and kept the forward out of the lineup on Saturday.

“I don’t really look at it as intent or intimidation at all. It’s just sticking up for teammates,” said Tkachuk, who was given a roughing penalty and a 10-minute misconduct. “We’re a family in there. It could happen to anybody and there’s probably 20 guys racing to be the guy to stick up for a teammate like that. That’s just how our team’s built. That’s why we’re successful. I don’t think any of us would be thrilled at that play in Game 2.”

But while Tkachuk was on top of Aho, who remained in the game, there was no chaotic response from the Hurricanes, nor any retaliation for the rest of the game. Carolina forward Taylor Hall said, in hindsight, there needed to be some reaction.

“I think what happened is that we don’t want to take penalties after the whistle, and they’re very good at goading you into them. But we have to support each other and make sure all five of us are having each other’s backs,” Hall said. “That was a tough look there, but we’ll battle for each other to no end.”

Coach Rod Brind’Amour said there needed to be a response, especially since the game was all but over on the scoreboard

“In that situation, there probably does. There’s a fine line. You don’t want to start advocating for that kind of hockey, necessarily. But with the game out of hand, yes, we have to do a better job of that with the game out of hand,” he said.

The Hurricanes face elimination on Monday night in Sunrise. They also face a 16th straight loss in the Eastern Conference finals, a streak that stretches back to 2009.

“We’re going to give our best tomorrow,” Hall said. “I think that we have a belief in our room, honestly. We’re playing for our season.”

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Horse trainer Clement dies from rare eye cancer

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Horse trainer Clement dies from rare eye cancer

Christophe Clement, who trained longshot Tonalist to victory in the 2014 Belmont Stakes and won a Breeders’ Cup race in 2021, has died. He was 59.

Clement announced his own death in a prepared statement that was posted to his stable’s X account on Sunday.

“Unfortunately, if you are reading this, it means I was unable to beat my cancer,” the post said. “As many of you know, I have been fighting an incurable disease, metastatic uveal melanoma.”

It’s a type of cancer that affects the uvea, the middle layer of the eye. It accounts for just 5% of all melanoma cases in the U.S., however, it can be aggressive and spread to other parts of the body in up to 50% of cases, according to the Melanoma Research Alliance’s website.

The Paris-born Clement has been one of the top trainers in the U.S. over the last 34 years. He learned under his father, Miguel, who was a leading trainer in France. Clement later worked for the prominent French racing family of Alec Head. In the U.S., he first worked for Hall of Fame trainer Shug McGaughey.

Clement went out on his own in 1991, winning with the first horse he saddled at Belmont Park in New York.

“Beyond his accomplishments as a trainer, which are many, Christophe Clement was a kind and generous man who made lasting contributions to the fabric of racing in New York,” Dave O’Rouke, president and CEO of the New York Racing Association said in a statement.

Clement had 2,576 career victories and purse earnings of over $184 million, according to Equibase.

“I am very proud that for over 30 years in this industry, we have operated every single day with the highest integrity, always putting the horses’ wellbeing first,” he wrote in his farewell message.

One of his best-known horses was Gio Ponti, winner of Eclipse Awards as champion male turf horse in 2009 and 2010. He finished second to Zenyatta in the 2009 Breeders’ Cup Classic.

In the 2014 Belmont, Tonalist spoiled the Triple Crown bid of California Chrome, who tied for fourth. Tonalist won by a head, after not having competed in the Kentucky Derby or Preakness that year.

Steve Coburn, co-owner of California Chrome, caused controversy when he said afterward the horses that hadn’t run in the other two races took “the coward’s way out.” He later apologized and congratulated the connections of Tonalist.

Clement’s lone Breeders’ Cup victory was with Pizza Bianca, owned by celebrity chef Bobby Flay, in the Juvenile Fillies Turf. Clement had seven seconds and six thirds in other Cup races.

“It was Christophe’s genuine love for the horse that truly set him apart,” Eric Hamelback, CEO of the National Horseman’s Benevolent and Protective Association, said in a statement. “He was a consummate professional and a welcoming gentleman whose demeanor was always positive, gracious and upbeat.”

Clement’s statement said he would leave his stable in the hands of his son and longtime assistant, Miguel.

“As I reflect on my journey, I realize I never worked a day in my life,” Clement’s statement said. “Every morning, I woke up and did what I loved most surrounded by so much love.”

Besides his son, he is survived by wife Valerie, daughter Charlotte Clement Collins and grandson Hugo Collins.

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