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White House Council of Economic Advisers member Jared Bernstein on Thursday predicted the 40-year high inflation rates in the United States would “come down significantly in 2022.” Bernstein told CNN’s “At This Hour” that the economic outlook from the January consumer price index is not as “grim” as it appears.

As expected, US inflation surged from 7.0% in December to 7.5% in January. REAL average weekly earnings growth YoY fell to -3.1%. At 7.5% CPI, the Taylor Rule suggests that The Federal Reserve should have their target rate be 18.90%. At least CORE inflation is “only” 6% YoY. Yes, this is Powell’s famous chili recipe if The Fed actually starts to raise rates and pare back the balance sheet stimulus.

The Consumer Price Index for All Urban Consumers (CPI-U) increased 0.6 percent in January on a seasonally adjusted basis, the U.S. Bureau of Labor Statistics reported today. Over the last 12 months, the all items index increased 7.5 percent before seasonal adjustment. Increases in the indexes for food, electricity, and shelter were the largest contributors to the seasonally adjusted all items increase. The food index rose 0.9 percent in January following a 0.5-percent increase in December. The energy index also increased 0.9 percent over the month, with an increase in the electricity index being partially offset by declines in the...

SPONSORED: MISUNDERSTOOD: THE HUAWEI STORY TheHill.com Annual inflation reaches 7.5 percent, highest rate since February 1982 BY SYLVAN LANE - 02/10/22 08:37 AM EST 161 Share to Facebook Share to Twitter Just In... House Oversight Committee launches probe into boxes of Trump presidential records HOUSE — 2M 41S AGO Ohio, California senators make Super Bowl wager IN THE KNOW — 16M 24S AGO UK's Johnson: Next few days 'most dangerous' in Russia, Ukraine standoff INTERNATIONAL — 17M 43S AGO Annual inflation reaches 7.5 percent, highest rate since February 1982 FINANCE — 21M 50S AGO VIEW ALL Consumer prices rose 7.5...