us as consumers. context, it peaked at nearly 12% last year, and we are miles away from that and 10 straight months of cooling inflation, and this is the lowest since january 2021, the month that president biden was sworn into office. go so, you look at that, and month over month, a 0.2 increase has been bouncing around, but it has come down as well, and put that number with yesterday s inflation report, it is showing that things are moving in the right direction, and there are warnings from janet yellen who said that in my assessment a default on the u.s. obligations would produce an economic and financial catastrophe. john, she is basically pleading with congress to defuse this ticking time bomb before it
years inflation is finally below 5% p the price of everyday goods rose by 4.9% in april. that beat analysts expectations. the last time that it was that low was actually in april of 2021. the big question is has this streak gone on long enough for the fed to stop hiking interest rates? cnn s matt egan joins us now to break it all down. matt, what are the big takeaways from today s report? well, brianna, inflation last year was kind of like a wildfire that just consumed the economy. that fire hasn t been put out, but every month it does increasingly look like it has been contained. we now have ten straight months of cooling inflation. you can see on that chart there there was this big spike in 2021-2022 that has come down. although we should note the slowdown has sort of leveled out. you can kind of see that on the right side of the chart. also at 4.9% this is still more than twice what the fed is
sale or split. the bank says customers have stopped pulling out their money and unlike other banks that have recently failed, deposits are federally insured. and we re keeping a close eye on u.s. markets after this pac west report and the latest interest rate hike. here is where futures stand right now. things are looking positive at this stage. wall street coming off a down day triggered not so much by the rate hike but by the suggestion that the board is taking a wait and see approach to any future hi hikes. wall street doesn t like the uncertainty. this is the tenth time that they have raised the interest rate back to march of last year. the idea is cooling inflation by raising borrowing costs. and as the theory goes, that