Afghanistan, Feb. 16 -- The U.S. economy started 2024 on uncertain footing as the January Consumer Price Index (CPI) report revealed a tick up in inflation, challenging hopes for a moderation towards the Federal Reserve's 2% target. According to the latest data from the Bureau of Labor Statistics, the CPI for All Urban Consumers (CPI-U) saw a 0.3% rise in January on a seasonally adjusted basis, slightly accelerating from December's 0.2% increase, JP Morgan reported. This development is particularly concerning as it suggests that the Fed may need to maintain higher interest rates for longer, impacting mortgage rates and the broader financial market.

A significant contributor to January's inflation was the shelter index, which surged by 0....