U.S. inflation data is like a 'punch in the stomach' for the Fed, says Citi
The latest U.S. January inflation data came in like a "punch in the stomach" for the Federal Reserve, said the global chief economist of Citi Research Nathan Sheets, adding that means the next rate hike could be as aggressive as 50 basis points.
"These inflation data today came like a punch in the stomach for Jay Powell and his colleagues," Nathan Sheets told CNBC's "Squawk Box Asia" on Friday.The latest U.S. January inflation data came in like a "punch in the stomach" for the Federal Reserve, which raises the possibility for an aggressive 50 basis points rate hike in March, the global chief economist of Citi Research said., which measures the costs of dozens of everyday consumer goods, rose 7.
"Their narrative is that as the year progresses, we should see inflation start to abate and to come on down. And there was not even a hint of that in the January data," he added.
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