The elevated rate underscores the cavernous gap between shoppers' demand and strained supply. Vaccine rollouts in early 2021 paved the way for Americans to unleash pent-up demand and stimulus dollars at reopened businesses. Yet supply chains haven't fully healed, leaving firms struggling to keep their inventories intact. The Delta wave worsened the situation as key manufacturing hubs in the Asia Pacific region were forced to slow production.
, the largest one-month decline since February and a major deceleration from the 0.2% gain seen just one month prior. Economists had expected only a mild drop of 0.1%. — a closely watched forward indicator for inflation — rose just 0.2% in December, missing the average economist estimate of a 0.4% bounce and sharply slowing from November's 1.0% leap.
The Fed will also do its part to rein in Americans' demand. The central bank announced in December it would taper its emergency asset purchases at twice the speed it previously planned, setting the program up to end in March. Economic projections published alongside the announcement show officials expecting three interest rate hikes in 2022 and another three in 2023.
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