The Commerce Department recently reported that fourth-quarter GDP rose at a 2.9% annualized pace, higher than the Dow Jones analysts’ estimate of 2.8%. Also, the University of Michigan’s closely watched consumer sentiment index measured 64.9 for January, up slightly from the preliminary reading of 64.6 earlier this month and 9% higher than December’s final reading.
Moreover, the Personal Consumption Expenditures price index rose by 5% in December compared to a year earlier. The Federal Reserve’s preferred inflation gauge showed prices rose at a slower pace last month, indicating further progress in the central bank’s battle with persistent inflation.
