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But history has shown that inflation is stubborn and can last longer than expected once it becomes elevated and entrenched. "We can feel confident that inflation is moving in the right direction," said Mark Zandi, chief economist at Moody's Analytics. For instance, housing-related costs, which make up about one-third of the inflation index weighting, are dropping. In particular, they don't want to declare 'mission accomplished' too soon," he said Wednesday during an interview on CNBC's "Squawk on the Street." watch nowAt the macro level, the Fed rate hikes have appeared to do minimal damage.
Persons: Mandel Ngan, Dow Jones, Mark Zandi, Zandi, they're, Richard Clarida isn't, Clarida, Joe Biden, Patrick Reilly, Banks, Reilly, John Williams of, Patrick Harker Organizations: AFP, Getty, Federal Reserve, CPI, Moody's, Federal, of Labor Statistics, AAA, Atlanta Fed, CNBC, America Economic Survey Locations: Bethesda , Maryland, John Williams of New York, Philadelphia
Traders work on the floor of the New York Stock Exchange during morning trading on April 10, 2023 in New York City. Futures tied to the S&P 500 slipped 0.05%, while Nasdaq 100 futures inched lower by 0.08%. Investors are anxiously awaiting progress on a deal to raise the debt ceiling before June 1, which is the earliest date the Treasury Department has said the U.S. could default on its debt obligations. Biden has so far maintained that raising the debt ceiling is non-negotiable. McCarthy, however, has pushed for talks to broker a deal to raise the debt ceiling be tied to spending cuts.
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