- Annual headline and core CPI inflation held steady in February at 2.4% and 2.5%, respectively. The recent spike in energy prices is likely to boost inflation in the near term.
- Core PCE, the Fed’s preferred inflation measure, rose by 3.1% over the past year.
- The Federal Reserve is expected to hold rates steady at its March meeting. The current target range stands at 3.5-3.75%.
- Employment fell by 92K in February, following a strong January jobs report. Over the past year, the greatest gains were in Education and Health Services and Other Services, while job losses were highest in Information, Government and Manufacturing.
- Annual wage growth rose by 10 bps in February to 3.8%. Over the last three months, wages grew by 3.5% (annualized).
- Consumer sentiment fell slightly in March due to concerns about rising gasoline prices. Views of current conditions rose while consumer expectations fell.
* Latest data available.
Oil prices have risen considerably over the past week due to the conflict in the Middle East. Iran has threatened to target commercial vessels that utilize the Strait of Hormuz, paralyzing trade that passes through the waters. Increasing oil prices have already had far reaching impacts on the U.S. economy, resulting in higher gas prices, increasing interest/mortgage rates, and decreasing consumer confidence.
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