Federal Reserve chairman Jerome Powell signaled that he's increasingly confident inflation will soon be tamed, and that he and his colleagues will soon cut interest rates to avoid hurting the job market.
Overall CPI in December was up 3.4% from a year ago. The cost of motor vehicle insurance rose 1.5% in December from November, marking a 20.3% increase compared to the previous year.
After 10 straight rate hikes, the Federal Reserve left interest rates unchanged Wednesday, but hinted that additional rate hikes are possible if inflation remains stubbornly high.
Some say the decision to guarantee deposits beyond the typical $250,000 limit was necessary to keep the financial system stable. Others argue this sets a bad precedent if other banks run into trouble.
