February 15, 2017
Janet Yellen didn't make any new headlines in her second day of testimony to Congress as she pointed once again to a gradual series of rate hikes ahead. But economic data did make headlines especially an outsized 0.6 percent jump for the CPI which, together with yesterday's pressures in producer prices, are suddenly pointing at inflationary risks for the economy. More strong news comes from retail sales which proved solid in January with December revised sharply higher, offset in part however by another soft gain for manufacturing in the industrial production report.
Most markets were once again little changed except for the stock market where major indexes continue to climb to lifetime highs, including the Dow which rose 0.5 percent to 20,611.