Two recent inflation reports showed inflation fell less than expected in January, undercutting the notion that price increases are quickly declining. The consumer price index fell 0.2 but monthly inflation rose 0.3, equating to 3.6 annual inflation if sustained. Producer price inflation also rose 0.3 monthly, and core PPI jumped 0.6, more than forecast. The stickier inflation means the Fed will likely have to keep rates higher for longer before beginning cuts in 2024.