Inflation remains stubbornly high according to the latest Consumer Price Index. February numbers lined up with economists’ expectations, but prices are still 6% higher than one year ago and increased slightly from January.
Housing costs accounted for a big chunk of the increase even with energy prices falling.
Two large bank failures over the weekend have complicated the economic picture. Both Silicon Valley Bank and Signature Bank collapsed, forcing federal regulators to make emergency moves to guarantee customers get their money, even those with more than the federally insured amount of $250,000.
Some experts believe the banks were caught up in the Fed’s attempt to reel in inflation with rate hikes.
“Rising interest rates, was one of the biggest problems that hit them two ways,” said B. Riley Wealth Management Chief Market Strategist Art Hogan.
Federal Reserve Chairman Jerome…
