Richard Flynn

‘Investors need to be careful’

7.7% year-on-year

2.6% annualised rate rise

Powell to push back on dovish pivot

More than double predictions

First back-to-back hike since 2006

Below expectations

In a further sign inflation is becoming an endemic issue, the US consumer price index hit 7.5% in January - its highest level since 1982.

Driven by by shelter, used cars and food