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Inflation Nears Fed’s 2% Target, Odds Of March Rate Hike Rise To 66%

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The Federal Reserve
The Eccles Building, which houses the U.S. Federal Reserve in Washington, D.C.

Strong price pressures have pushed inflation closer to the Federal Reserve’s 2% annual goal than at anytime since 2012.

The Fed’s personal-consumption-expenditures price index rose a seasonally adjusted 0.4% in January and jumped 1.9% from the year before, the Wall Street Journal reports. Experts said the results could push the Fed to raise rates at its March 15 meeting, and CME Group said the odds of a March rate hike stand around 66%.

During her speech to Congress last month, Fed Chair Janet Yellen reiterated the possibility of a March move, giving upbeat testimony about the country's economy and noting solid job growth, rising inflation and healthy wage gains as reasons she may recommend another rate hike, though she did not give a definite date.