January’s hot inflation may mean the Federal Reserve boosts interest rates even faster

U.S. Federal Reserve Board Chairman Jerome Powell speaks during his re-nominations hearing of the Senate Banking, Housing and Urban Affairs Committee on Capitol Hill, in Washington, U.S., January 11, 2022.
Graeme Jennings | Reuters

January's inflation report rattled markets as investors weighed whether the Federal Reserve would take drastic measures to curb rising prices — including a half-percentage-point interest rate hike in March.