The Federal Reserve reinforced its fight against high inflation by raising its key interest rate by a quarter-point to the highest level in 16 years.
Fed officials have said they expect at least one more increase this year and then for the benchmark rate to stay elevated through at least early 2024.
The economy remains on solid footing despite the nine interest rate hikes the Federal Reserve has imposed over the past year in its drive to tame inflation.
Cal-Maine Foods reported an eightfold increase in net income as eggs topped inflation lists.
One analyst said this interest rate increase, the ninth in the past year, shows the Fed's "willingness to roll the dice" with the economy.
Most economists expect the Federal Reserve to announce a relatively modest quarter-point hike in its benchmark rate, its ninth hike since March of last year.
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December's lower inflation reading makes it likelier that the Fed will slow its interest rate hikes in the coming months.
The Fed's latest increase — its seventh rate hike this year — will make it even costlier for consumers and businesses to borrow for homes, autos and other purchases.
Democrats are increasingly worried about the Federal Reserve tanking the economy.