Inflation gathers steam, housing slides
A steady rise in consumer prices in January pointed to persistent inflation pressures despite fresh signs on Wednesday that the declining housing sector remains a drag on the economy. 2/20/2008 12:03 PM
Wall Street rallies on optimism about rate cuts
February 20, 2008 4:30 PM ET
Federal Reserve signaled its intention to keep cutting rates
Inflation gathers steam as housing slides
February 20, 2008 4:32 PM ET
The Consumer Price Index, a broadly based gauge of U.S. inflation, rose a faster-than-forecast 0.4 percent for a second straight month and was up a steep 4.3 percent in the 12 months through January, a Labor Department report showed.
The Federal Reserve later lowered its estimate for U.S. economic growth in 2008 to a range of 1.3 percent to 2 percent from 1.8 to 2.5 percent that it had foreseen last November.
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