Turmoil in the banking sector raised questions about the Fed’s next move to combat inflation.
sparked uncertainty about the Federal Reserve’s next move in the fight to bring down prices.
On a monthly basis, prices increased 0.4% compared to January, according to the Bureau of Labor Statistics’ release on Tuesday.The report was in line with expectations. Ahead of the February CPI report’s release, economists expected headline inflation to rise by 6% and core inflation to increase by 5.5% year-over-year. Prices were expected to rise by 0.4% from January to February.
and inflation data had led Fed Chair Jerome Powell that the central bank would have to raise interest rates even higher than expected to cool the economy. But the tech lender’s rapid downfall sparked fears of a nationwide run on banks and a systemic meltdown that could upend the broader economy.In an effort to ease the public’s concerns, the Fed, the Treasury Department and the FDIC stepped in to guarantee all deposits held by SVB and another shuttered institution, Signature Bank in New York.
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