Investors digested the latest reading of January's consumer price index, which was hotter than anticipated.
increased by 0.5% for the month and 6.4% from the prior year, compared to estimates of 0.4% monthly and 6.2% annually, according to Dow Jones' survey of economists.
Ed Yardeni, president of Yardeni Research, noted that while inflation remains above the Fed's target rate of 2%, the higher-than-expected numbers weren't entirely surprising.Yardeni said on CNBC's "Closing Bell: Overtime." Commenting on the monthly uptick in inflation data, Yardeni added, "I think we're going to have some bumps along the road. But all in all, I think we are certainly seeing strong disinflation."
However, Yardeni added that despite anticipating a soft landing for the economy, he doesn't expect the Fed to cut interest rates this year.Key inflation data will also be announced on Wednesday. Investors will also be looking toward the latest retail sales data to gauge consumer demand and retail inflation. The National Association of Home Builders/Wells Fargo Housing Market Index, industrial production and business inventories data will be released on Wednesday morning.U.S.
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