{"id":231094,"date":"2022-01-14T17:43:53","date_gmt":"2022-01-14T17:43:53","guid":{"rendered":"https:\/\/aptuscapitaladvisors.com\/?p=231094"},"modified":"2023-02-09T21:00:55","modified_gmt":"2023-02-09T21:00:55","slug":"cpi-update-jan-2022","status":"publish","type":"post","link":"https:\/\/aptuscapitaladvisors.com\/cpi-update-jan-2022\/","title":{"rendered":"CPI Update Jan 2022"},"content":{"rendered":"<p><span data-contrast=\"auto\">It\u2019s been a big week for Chairman Powell as the Senate held his reconfirmation hearing on Tuesday and this morning (Wednesday) brought the release of the final inflation data for 2021. Headline CPI came <\/span><span data-contrast=\"auto\">in <\/span><span data-contrast=\"auto\">at 7%, a 39 year high. The back half of 2021 will be remembered for the re-emergence <\/span><i><span data-contrast=\"auto\">and<\/span><\/i><span data-contrast=\"auto\"> surge higher in prices \u2013 across the board. We\u2019ll see if this momentum continues in 2022. <\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559737&quot;:1366,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-231096 size-full\" src=\"https:\/\/aptuscapitaladvisors.com\/wp-content\/uploads\/2022\/01\/Inflation.png\" alt=\"\" width=\"858\" height=\"481\" srcset=\"https:\/\/aptuscapitaladvisors.com\/wp-content\/uploads\/2022\/01\/Inflation.png 858w, https:\/\/aptuscapitaladvisors.com\/wp-content\/uploads\/2022\/01\/Inflation-480x269.png 480w\" sizes=\"auto, (min-width: 0px) and (max-width: 480px) 480px, (min-width: 481px) 858px, 100vw\" \/><\/p>\n<p style=\"text-align: center;\"><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559737&quot;:1366,&quot;335559740&quot;:240}\">\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559737&quot;:1366,&quot;335559740&quot;:240}\">S<\/span><span data-contrast=\"auto\">ource: Bloomberg LP. As of 1\/12\/22<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559737&quot;:1366,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p>\n<p><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559737&quot;:1366,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p>\n<p><b><span data-contrast=\"auto\">CPI Details\u00a0<\/span><\/b><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559737&quot;:1366,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p>\n<p><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559737&quot;:1366,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p>\n<ul>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"1\" aria-setsize=\"-1\" data-aria-posinset=\"1\" data-aria-level=\"1\"><span data-contrast=\"auto\">Year over Year (YoY): Headline CPI +7.0% vs 7.0% survey; Core +5.5% vs. 5.4% survey.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559737&quot;:1366,&quot;335559740&quot;:240}\">\u00a0<\/span><\/li>\n<\/ul>\n<ul>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"1\" aria-setsize=\"-1\" data-aria-posinset=\"1\" data-aria-level=\"1\"><span data-contrast=\"auto\">Month over Month (MoM): Dec US CPI +0.5% vs. survey +0.4%; Core +0.6% vs. +0.5% survey.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559737&quot;:1366,&quot;335559740&quot;:240}\">\u00a0<\/span><\/li>\n<\/ul>\n<p><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559737&quot;:1366,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Headline CPI came in line with consensus at 7% and Core came in slightly ahead of consensus at 5.5%. The increase was predominately across shelter (+0.4%), food (0.5%) and used vehicles (+3.5%). Energy was lower (by 0.4%) which was the first drop since April, likely following the implications from Omicron. We\u2019ve seen a strong rebound in oil prices to start \u201922 so expect this component to bring substantial volatility into the \u201922 CPI data.\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559737&quot;:1366,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p>\n<p><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559737&quot;:1366,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p>\n<p><b><span data-contrast=\"auto\">Word from the Wise\u2026 Former Fed Insider Bill Dudley<\/span><\/b><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559737&quot;:1366,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p>\n<p><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559737&quot;:1366,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">When it comes to the Fed insiders, many are handicapped on what they can say to the public, especially if their opinions deviate from leadership. I always raise an antenna when the old officials speak up after leaving their post. Bill Dudley (former NY Fed President) offered four comments (or criticisms) on the Fed&#8217;s current predicament:<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559737&quot;:1366,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">\u201cThe <\/span><i><span data-contrast=\"auto\">first<\/span><\/i><span data-contrast=\"auto\"> mistake, Dudley said, was how the Fed \u201coperationalized\u201d this framework\u2026The Fed\u2019s <\/span><i><span data-contrast=\"auto\">second<\/span><\/i><span data-contrast=\"auto\"> mistake was in misjudging the strength of the labor market\u2026The <\/span><i><span data-contrast=\"auto\">third<\/span><\/i><span data-contrast=\"auto\"> mistake the Fed made was to view inflation as \u201ctransitory,\u201d \u2026The <\/span><i><span data-contrast=\"auto\">final<\/span><\/i><span data-contrast=\"auto\"> mistake was that the Fed was too worried about spooking the bond market and causing another \u201ctaper tantrum\u201d.\u201d<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559737&quot;:1366,&quot;335559740&quot;:240}\">\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559737&quot;:1366,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Dudley\u2019s comments (and their acceptance by the market) are beginning to become more mainstream as markets carry the viewpoint of inflation moving from transitory to more structural. I fall in the camp with Dudley that the market isn\u2019t taking the Fed seriously enough. <\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559737&quot;:1366,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p>\n<p><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559737&quot;:1366,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p>\n<p><b><span data-contrast=\"auto\">A Wage Spiral is Becoming Problematic<\/span><\/b><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559737&quot;:1366,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p>\n<p><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559737&quot;:1366,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">While we are still seeing goods inflation run hot, the rate of change is slowing. This is welcomed news as the level of rising prices is near records. One thing that is catching our eye is the slow-moving dragon: \u201csticky\u201d wage growth. Driven by an incredibly tight jobs market, wage pressures are percolating. <\/span><\/p>\n<p><span data-contrast=\"auto\">Right now, the wage growth of people switching jobs has never been higher. This implies that wage pressures will continue to spread as firms are forced to pay up to keep talent. So, as the economy returns to normal, the bulk of US consumption (and jobs) are in the service sector, increasing the chance for wage pressures on top of lingering inflation.\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559737&quot;:1366,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p>\n<p><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559737&quot;:1366,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-231097 alignnone\" src=\"https:\/\/aptuscapitaladvisors.com\/wp-content\/uploads\/2022\/01\/Hikes.png\" alt=\"\" width=\"760\" height=\"320\" srcset=\"https:\/\/aptuscapitaladvisors.com\/wp-content\/uploads\/2022\/01\/Hikes.png 760w, https:\/\/aptuscapitaladvisors.com\/wp-content\/uploads\/2022\/01\/Hikes-480x202.png 480w\" sizes=\"auto, (min-width: 0px) and (max-width: 480px) 480px, (min-width: 481px) 760px, 100vw\" \/><\/p>\n<p><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559737&quot;:1366,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p>\n<p><b><span data-contrast=\"auto\">Looking Ahead into \u201822<\/span><\/b><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559737&quot;:1366,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p>\n<p><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559737&quot;:1366,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">The market is pricing in 4 hikes in \u201922 with an 80% chance of lift off in March. Following last week\u2019s employment numbers (unemployment rate falling to 3.9%) indicating the job market is nearing in on full employment (plus wage pressures brewing). We believe the strong job market and the continuation of elevated inflation prints (7% today) puts the Fed in a spot where they will act (sooner rather than later) before allowing inflation to entrench consumer psychology more than it already has.\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559737&quot;:1366,&quot;335559740&quot;:240}\">\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559737&quot;:1366,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">While things are turning more hawkish at the Fed, Biden still has a few Fed seats to fill. Whispers of Sarah Bloom Raskin, a former Fed board member and Treasury official, is atop the list for vice chair for supervision, joined by economists Lisa Cook and Philip Jefferson, all of which are believed to fall more in the dovish camp. This is important as all three will be FOMC voters. Potential clash with the hawks? We will see!<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559737&quot;:1366,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p>\n<p><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559737&quot;:1366,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p>\n<p><b><span data-contrast=\"auto\">Market<\/span><\/b><b><span data-contrast=\"auto\">\u00a0Response<\/span><\/b><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559737&quot;:1366,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p>\n<p><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559737&quot;:1366,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Markets were hit last week with indications of a much less accommodative Fed in \u201922 following the FOMC notes release. While the markets had priced in the taper ending in March and multiple rate hikes in \u201922, the potential for Balance Sheet Reduction (Quantitative Tightening, i.e., \u201cQT\u201d) could be sooner than anticipated, which jolted markets quickly lower. <\/span><\/p>\n<p><span data-contrast=\"auto\">Interest rates have risen across the yield curve to start the year. The markets have recovered much of last week\u2019s losses this week likely following Powell downplaying the hawkishness of the December FOMC notes during the Senate testimony. We continue to expect higher valuation tech to face stiff headwinds as rates are likely to continue their march higher the next couple months, a nice tailwind for value and cyclical sectors\u2026and quality. <\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559737&quot;:1366,&quot;335559740&quot;:240}\">\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559737&quot;:1366,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p>\n<p><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559737&quot;:1366,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p>\n<p><b><span data-contrast=\"auto\">Disclosures<\/span><\/b><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559685&quot;:720,&quot;335559739&quot;:160,&quot;335559740&quot;:256}\">\u00a0<\/span><\/p>\n<p><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559685&quot;:720,&quot;335559739&quot;:160,&quot;335559740&quot;:256}\">\u00a0<\/span><\/p>\n<p><i><span data-contrast=\"auto\">Past performance is not indicative of future results. This material is not financial advice or an offer to sell any product. The information contained herein should not be considered a recommendation to purchase or sell any particular security. Forward looking statements cannot be guaranteed.<\/span><\/i><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559685&quot;:720,&quot;335559739&quot;:160,&quot;335559740&quot;:256}\">\u00a0<\/span><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559685&quot;:720,&quot;335559739&quot;:160,&quot;335559740&quot;:256}\">\u00a0<\/span><\/p>\n<p><i><span data-contrast=\"auto\">This commentary offers generalized research, not personalized investment advice. It is for informational purposes only and does not constitute a complete description of our investment services or performance. Nothing in this commentary should be interpreted to state or imply that past results are an indication of future investment returns. All investments involve risk and unless otherwise stated, are not guaranteed. Be sure to consult with an investment &amp; tax professional before implementing any investment strategy. Investing involves risk. Principal loss is possible.<\/span><\/i><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559685&quot;:720,&quot;335559739&quot;:160,&quot;335559740&quot;:256}\">\u00a0<\/span><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559685&quot;:720,&quot;335559739&quot;:160,&quot;335559740&quot;:256}\">\u00a0<\/span><\/p>\n<p><i><span data-contrast=\"auto\">The Consumer Price Index (CPI) measures the change in prices paid by consumers for goods and services. The CPI reflects spending patterns for each of two population groups: all urban consumers and urban wage earners and clerical workers.<\/span><\/i><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559685&quot;:720,&quot;335559739&quot;:160,&quot;335559740&quot;:256}\">\u00a0<\/span><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559685&quot;:720,&quot;335559739&quot;:160,&quot;335559740&quot;:256}\">\u00a0<\/span><\/p>\n<p><i><span data-contrast=\"auto\">Advisory services offered through Aptus Capital Advisors, LLC, a Registered Investment Adviser registered with the Securities and Exchange Commission. Registration does not imply a certain level or skill or training. More information about the advisor, its investment strategies and objectives, is included in the firm\u2019s Form ADV Part 2, which can be obtained, at no charge, by calling (251) 517-7198. Aptus Capital Advisors, LLC is headquartered in Fairhope, Alabama. ACA-<\/span><\/i><i><span data-contrast=\"auto\">2201-14<\/span><\/i><i><span data-contrast=\"auto\">.<\/span><\/i><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559685&quot;:720,&quot;335559739&quot;:160,&quot;335559740&quot;:256}\">\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>It\u2019s been a big week for Chairman Powell as the Senate held his reconfirmation hearing on Tuesday and this morning (Wednesday) brought the release of the final inflation data for 2021. Headline CPI came in at 7%, a 39 year high. The back half of 2021 will be remembered for the re-emergence and surge higher [&hellip;]<\/p>\n","protected":false},"author":14,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","content-type":"","inline_featured_image":false,"footnotes":""},"categories":[20,130],"tags":[53],"class_list":["post-231094","post","type-post","status-publish","format-standard","hentry","category-blog","category-macro-updates","tag-cpi"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.8 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>CPI Update Jan 2022 - Aptus Capital Advisors<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/aptuscapitaladvisors.com\/cpi-update-jan-2022\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"CPI Update Jan 2022 - Aptus Capital Advisors\" \/>\n<meta property=\"og:description\" content=\"It\u2019s been a big week for Chairman Powell as the Senate held his reconfirmation hearing on Tuesday and this morning (Wednesday) brought the release of the final inflation data for 2021. Headline CPI came in at 7%, a 39 year high. The back half of 2021 will be remembered for the re-emergence and surge higher [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/aptuscapitaladvisors.com\/cpi-update-jan-2022\/\" \/>\n<meta property=\"og:site_name\" content=\"Aptus Capital Advisors\" \/>\n<meta property=\"article:published_time\" content=\"2022-01-14T17:43:53+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-02-09T21:00:55+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/aptuscapitaladvisors.com\/wp-content\/uploads\/2022\/01\/Inflation.png\" \/>\n<meta name=\"author\" content=\"John Luke Tyner\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"John Luke Tyner\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"5 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/aptuscapitaladvisors.com\/cpi-update-jan-2022\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/aptuscapitaladvisors.com\/cpi-update-jan-2022\/\"},\"author\":{\"name\":\"John Luke Tyner\",\"@id\":\"https:\/\/aptuscapitaladvisors.com\/#\/schema\/person\/1cb0ec6f779811837ff41a8fafdaeed3\"},\"headline\":\"CPI Update Jan 2022\",\"datePublished\":\"2022-01-14T17:43:53+00:00\",\"dateModified\":\"2023-02-09T21:00:55+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/aptuscapitaladvisors.com\/cpi-update-jan-2022\/\"},\"wordCount\":982,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/aptuscapitaladvisors.com\/#organization\"},\"keywords\":[\"CPI\"],\"articleSection\":[\"Blog\",\"Macro Updates\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/aptuscapitaladvisors.com\/cpi-update-jan-2022\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/aptuscapitaladvisors.com\/cpi-update-jan-2022\/\",\"url\":\"https:\/\/aptuscapitaladvisors.com\/cpi-update-jan-2022\/\",\"name\":\"CPI Update Jan 2022 - 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Headline CPI came in at 7%, a 39 year high. 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