Wall Street feeling better about inflation risk, for now
Investors are breathing easier this morning, after the government's main gauge of inflation at the retail level was flashing no warning signs. The Consumer Price Index rose just one-tenth of one percent for January, helped by the second straight monthly decline in energy prices. That was slightly better than analysts were expecting. Outside volatile food and energy costs, the Labor Department says the core rate was up a modest two-tenths of one percent. Wall Street was fearful of an upside inflation surprise following last week's large jump in the core Producer Price Index, given the sharp selloff in stocks yesterday.
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