year over year in January, slightly hotter than estimates and the biggest annual gain since 1983. Central bankers are in a tough spot as they weigh the possible harmful economic effects of energy-rich Russia's move into Ukraine against the risk of even higher inflation due to rising oil and natural gas prices. Traders are wondering whether the Fed might temper its monetary policy tightening plan as it tries to balance those two factors.
federal Covid mask guidelines on Friday, according to The Associated Press. Under the new recommendations from the Centers for Disease Control and Prevention, most Americans will no longer be advised to wear masks in indoor public settings. The move comes as the omicron variant-driven wave of infection in the U.S. has subsided. The latest seven-day average of new daily Covid cases of 74,750 is down 90% since January's record highs of the pandemic.