The latest report from the Labor Department indicates that consumer prices in the US rose by 3.1% from a year ago, which is lower than the annual increase in December. However, on a month-to-month basis, prices rose by 0.3%, slightly higher than in December. The increase in prices is largely attributed to rising costs of homes, rentals, and hotel rooms. The inflation numbers have raised concerns on Wall Street, with fears that interest rates will remain higher for longer than expected. As a result, the Dow Jones industrial average lost 524 points, or 1.3%, the Nasdaq fell 1.8%, and the S&P 500 dropped 1.3% [413382c3].
The January report on US consumer prices showed concerning elements. Some economists cautioned that the first month of the year can be an anomaly, but there were underlying concerns [fc4e2531].
In addition to the inflation report, a winter storm disrupted schools, commutes, and flights across much of the Northeast. Snowfall was reported from New York City to Massachusetts, with parts of Pennsylvania receiving 15 inches of snow. The storm also brought strong winds of up to 60 miles per hour and coastal flooding in some areas. Many government offices and schools closed, and over 1,000 flights were canceled [413382c3].
The heads of the CIA and Israel's spy agency met with the leaders of Egypt and Qatar to discuss a possible cease-fire in Gaza. This meeting comes as Israel considers an all-out ground assault on Rafah, where 1.4 million Palestinians are seeking shelter [413382c3].
Flight attendants rallied at major US and British airports, demanding higher wages. Pickets were set up at 30 airports as part of the day-long protest. Flight attendants argue that while pilots have secured significant labor deals, cabin crews have not been adequately rewarded [413382c3].
A special congressional election in New York is being closely watched as a potential indicator for the upcoming fall elections. The election features Democrat Tom Suozzi and Republican Mazi Pilip, with a focus on the issue of immigration. The winner will replace Republican George Santos, who was expelled from the House in December due to corruption charges and campaign finance theft [413382c3].
In New Orleans, Mardi Gras, also known as Fat Tuesday, marked the grand finale of the Carnival season. Floats paraded through the French Quarter and major thoroughfares, showcasing elaborate costumes, live music, and colorful bead chains [413382c3].
The reconstruction of Paris' Notre Dame Cathedral has reached a significant milestone, as scaffolding is being removed from the top of the medieval landmark for the first time since the devastating fire in 2019. The removal reveals a new spire with a golden rooster and cross. The cathedral is expected to reopen in December [413382c3].