The December’s Consumer Price Index (CPI) report indicated that inflation increased by 6.5% over last year while decreasing considerably from its high of 9.1% year-over-year rise in June. This has bolstered hopes that inflation’s grip on the economy will continue to ease this year and possibly require a less aggressive stance by the Federal Reserve to control it.
However, Fed Vice Chair Lael Brainard reiterated, "Inflation is high, and it will take time and resolve to get it back down to 2%. We are determined to stay the course."
