CNBC Economy

A gauge the Federal Reserve prefers to measure inflation rose 4.9% from a year ago, the biggest gain going back to September 1983.

Gross domestic product accelerated at a 6.9% annualized pace in the fourth quarter, well ahead of the 5.5% estimate.

As mortgage rates continue to rise, demand for refinances is plunging and homebuyers are struggling.

The Federal Reserve on Wednesday indicated it could soon will raise interest rates for the first time in more than three years.

This is a comparison of Wednesday's Federal Open Market Committee statement with the one issued after the Fed's previous policymaking meeting on Dec. 15.

Even with the market's violent correction, a hawkish Federal Reserve is expected to signal it plans to raise interest rates and consider other tightening.

At the Fed's two-day meeting, which ends Wednesday, it is expected to give more clues as to when it will hike rates and begin shrinking the balance sheet.

Even as the housing market entered its traditionally slower season in November, home prices showed big gains from a year ago.

The International Monetary Fund has downgraded its global growth forecast for 2022 as rising Covid cases, supply chain disruptions and inflation hamper the economy.

Goldman economist David Mericle said the omicron spread is aggravating price increases and could push the Fed into a faster pace of rate hikes.

The Fed released its exploration of a digital dollar, exploring the pros and cons of the much-debated issue and soliciting public comment.

Initial filings totaled 286,000, well above the estimate of 225,000 and a substantial gain from the previous week's 231,000.

In what likely will just a few months' time, the Federal Reserve will look a lot different.

The advance monthly sales report to close out the year showed a decline of 1.9%, considerably worse than the Dow Jones estimate for just a 0.1% drop.

Philadelphia Federal Reserve President Patrick Harker said he foresees three or four interest rate hikes this year as likely to fight inflation.

The producer price index was expected to rise 0.4% in December. Jobless claims were forecast to total 200,000.

Rates have started this year sharply higher, and that may have potential buyers rushing in more quickly, afraid that rates will go even higher.

The consumer price index for December 2021 was expected to increase 7% from a year ago, according to economists surveyed by Dow Jones.

The leisure and hospitality sector led hiring in December as restaurants added wait staff, cooks and bartenders ahead of the holidays.

Shares of major grocers fell on Tuesday, after Albertsons said omicron has compounded out-of-stocks.