Michael McKee

The focus of the January meeting on inflation, largely, rather than jobs, and concern that bringing it down had stalled.

Officials anticipated inflation would move down this year, but the pace and timing remained uncertain.

The focus of the January meeting on inflation, largely, rather than jobs, and concern that bringing it down had stalled.

Officials anticipated inflation would move down this year, but the pace and timing remained uncertain.

The two-tenths rise in the CPI headline, which puts us at 2.4%, down from 2.7% on an annual basis.

The 2.7% was for December.

Remember, there's some things you've got to think about with these numbers because of the fact that we didn't have any October numbers, and that biases all of this.

Core CPI comes in up three-tenths.

That's more than the December two-tenths, but it's what the market had forecast.

The number that the Fed will be watching, obviously, is the inflation expectations figures.

And on a one-year basis, we see a big drop in inflation expectations to 3.5% from 4%.

And from the 5 to 10, it's a tick higher, 3.4 from 3.3.

But that one-year number is going to give the Fed a lot better feeling, perhaps, about what is happening with inflation.

Bloomberg's Mike McKee reporting.

The tariffs, people have gotten used to those, and so those effects will have run through by the middle of the year.

We've seen some of the stimulative

aspects of the tax bill last summer.

Those will be coming on board.

And if consumers start to feel like there's more certainty, then I think there's some upside potential in the economy.

108,435 job cuts announced in the month of January.