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Consumer Prices (Dec.)

CPI inflation hit a 40-year high of 7.0% in December and, although the headline rate has probably peaked now, core CPI inflation increased to 5.5% last month and will continue to climb toward 6% over the coming months. This is every bit as bad as we expected. The Fed will begin hiking interest rates in March, with a total of four 25bp hikes this year and another four in 2023.

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