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Week of February 7, 2022 in Review Consumer inflation reached a 40-year high and Fed members made headlines in response. Jobless Claims continue to move in the right direction. The Consumer Price Index (CPI) showed that consumer inflation rose by 0.6% in January while the year over year reading rose from 7% to 7.5% - the hottest level since 1982! Core CPI, which strips out volatile food and energy prices, also came in above expectations with a 0.6% rise. As a result, year over year Core CPI jumped from 5.4% to 6%. The National Federation of Independent Business released important data that speaks to how inflation is impacting small businesses. The Small Business Optimism Index fell to 97.1 in January, which is the weakest since February 2021. Within the report, plans for higher selling prices rose another 4 points to the highest level since 1974. Compensationosts rose another 2 points to 50, which is the highest since 1984 when the question was first asked. Both of these figures reflect the rise in inflation. Fed members have also been sharing their opinions about how the Fed should address rising inflation, and their actions in the coming months will be critical to monitor because they will have a big impact on Mortgage Bonds and interest rates After Omicron sparked a rise in unemployment claims in the early part of January, Initial Jobless Claims declined again in the latest week, as the number of first-time filers fell by 16,000 to 223,000. Continuing Claims, which measure people who continue to receive benefits after their initial claim is filed, were unchanged at 1.62 million. There are now 2.099 million people in total receiving benefits, which is a stark contract to the 20 million people receiving benefits in the comparable week the previous year. Claims are at very strong pre-pandemic levels, showing that the labor market remains tight. Lastly, investors were closely watching Wednesday's 10-year Treasury Note auction and Thursday's 30-year Bondauction to see the level of demand. less