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  • Writer's pictureStephen H Akin

Inflation Comes in Hot

The consumer price index comes in hot. January 2023 core inflation was up 6.4%.

Firmer price pressures in January, the annual CPI inflation rate dipped less than expected. The core CPI inflation rate, which strips out food and energy, also came in hotter than predicted. The S&P 500 fought back from early losses but selling took hold in late Tuesday morning stock market action, following Monday's rally.


UPDATED SEASONAL FACTORS INTRODUCED FEBRUARY 10, 2023


Each year with the release of the January CPI, seasonal adjustment factors are recalculated to reflect price movements from the just-completed calendar year. This routine annual recalculation may result in revisions to seasonally adjusted indexes for the previous 5 years.


Recalculated seasonally adjusted indexes as well as recalculated seasonal adjustment factors for the period January 2018 through December 2022 were made available on Friday, February 10, 2023.


With the publication of January 2023 data in February 2023, the following changes will go into effect:

  • The title of the cable and satellite television service index is being changed to cable, satellite, and live streaming television service.

  • The title of the video discs and other media, including rental of video index is being changed to purchase, subscription, and rental of video.

  • The title of the rental of video discs and other media index is being changed to subscription and rental of video and video games.

  • The title of the baby food index is being changed to baby food and formula.


Here is a link the Full Details of the Revision:

seasonal-factors-2023
.xlsx
Download XLSX • 238KB

 

Don't Forget! If you have not filed your 2022 tax return you can still fund your IRA

If you have not yet filed your 2022 tax return you can still fund an Individual Retirement Account (IRA) for 2022.

By doing this you can reduce your taxable income by the amount of the contribution for last year. The total contribution limits to your traditional IRAs and Roth IRAs can't be more than: $6,000 or $7,000 if you're age 50 or older.

 

From Bloomberg Law:


Crypto Firms Often Mix Client Funds With Their Own, Gensler Says

  • SEC chief says exchanges not following with regulator’s rules


  • Watchdog wants industry registration under traditional rules



Crypto businesses don’t properly safeguard their customers’ assets and often mix them with their own funds, according to Securities and Exchange Commission Chair Gary Gensler.

“This is largely a noncompliant field,” Gensler said in an interview on Bloomberg Television’s “Balance of Power With David Westin.” “They’re commingling customer funds with their businesses.”

 

Lael Brainard to become National Economic Council Director

US President Joe Biden has chosen a new top economic advisor—and changed the makeup of the Federal Reserve in the process.


Biden is replacing outgoing National Economic Council director Brian Deese with Lael Brainard, the Federal Reserve’s Vice Chair for Supervision.


 



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