Two recent inflation reports showed inflation fell less than expected in January, undercutting the notion that price increases are quickly declining. The consumer price index fell 0.2% but monthly inflation rose 0.3%, equating to 3.6% annual inflation if sustained. Producer price inflation also rose 0.3% monthly, and core PPI jumped 0.6%, more than forecast. The stickier inflation means the Fed will likely have to keep rates higher for longer before beginning cuts in 2024.