CPI Hits Predictions, Rises 7% in December

Consumer Price Index numbers out on Wednesday hit economists’ expectations, an increase of 7% as compared to a year earlier. Though the figure was expected, it was also the first time CPI rose that much since 1982, as strong consumer demand and Covid-driven supply chain issues goosed prices yet higher in December - NYTimes and WSJ and Bloomberg

To be clear, though, today’s 7% inflation is “far different” than that hitting the U.S. in ’82 - WSJ

Regardless, the fact that the big number came in just as expected helped convince investors not to lose their minds, and markets actually closed out Wednesday slight up in spite of the inflation report - NYTimes and WSJ and Bloomberg

We’ve got Chair Powell’s version (during his recent visit to the Hill). Now this is what we expect from Lael Brainard at her confirmation hearing for the Vice Chair of the Federal Reserve position: in short, inflation’s too high and the central bank is on it - NYTimes and Bloomberg and WSJ

Some 8,400 unionized workers at Kroger’s King Soopers stores in and around the Denver area went on strike on Wednesday, seeking “higher wages, more benefits and safer workplaces” - WSJ

Bidding farewell, after 52 years—the last 15 or so of which were marred by scandal, to Libor. It will not be missed - NYTimes

PE firm TPG has priced its IPO offering at $29.50/share, the “midpoint of TPG’s projected range for the offering of $28 to $31 apiece.” TPG’s shares hit the open markets today in what’s being viewed as “the first big test of the IPO market in the new year” - WSJ and MarketWatch

As widely expected, former Bridgewater CEO David McCormick, who resigned from the company earlier this month, filed paperwork this week to “enter the Republican primary for a U.S. Senate seat in Pennsylvania” to replace the retiring Pat Toomey - Bloomberg and NYTimes

The Greek isle of Crete for spring skiing? Can’t say it’s the obvious choice, but after seeing these pics, it’ll be hard not to be tempted - NYTimes

Stay safe, and get boosted, 
MDR

The Robins Kaplan Financial Daily Dose features top stories and latest news headlines in financial markets, banking, securities and technology topics.