# Inflation in focus: Unpacking the latest CPI report

Page: https://stenobird.com/podcast/making-sense-491900/inflation-in-focus-unpacking-the-latest-cpi-report
Text version: https://stenobird.com/podcast/making-sense-491900/inflation-in-focus-unpacking-the-latest-cpi-report.md
Podcast: [Making Sense](https://stenobird.com/podcast/making-sense-491900)
Published: 2026-02-20T10:00:00+00:00
Episode link: https://marketmatters.podbean.com/e/inflation-in-focus-unpacking-the-latest-cpi-report/
Audio file: https://mcdn.podbean.com/mf/web/4k2gygvy3993ays4/0226_Research_CPI_Report_Podcast_FINAL8gsnu.mp3
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JSON: https://stenobird.com/v1/public/podcasts/making-sense-491900/episodes/inflation-in-focus-unpacking-the-latest-cpi-report
Duration seconds: 1281

## Resource

In this episode of J.P. Morgan’s Making Sense, Phoebe White, a senior U.S. rates strategist and head of U.S. inflation strategy, sits down with senior economist Mike Hanson to unpack the January CPI report and the inflation outlook for 2026. They discuss why inflation may hover near 3% this year, the impact of tariffs, the gradual cooling in rents, and how differences between the CPI and PCE could inform the Fed’s path. The conversation also touches on energy and food prices, data quality concerns at the BLS and much more. This episode was recorded on February 18, 2026. This communication has been prepared based upon information from sources believed to be reliable, but J.P. Morgan does not warrant its completeness or accuracy except with respect to any disclosures relative to J.P. Morgan and/or its affiliates and an analyst's involvement with any company (or security, other financial product or other asset class) that may be the subject of this communication. Any opinions and estimates constitute our judgment as of the date of this material and are subject to change without notice. Past performance is not indicative of future results. This communication is not intended as an offer or solicitation for the purchase or sale of any financial instrument. J.P. Morgan Research does not provide individually tailored investment advice. Any opinions and recommendations herein do not take into account individual circumstances, objectives, or needs and are not intended as recommendations of particular securities, financial instruments or strategies. You must make your own independent decisions regarding any securities, financial instruments or strategies mentioned or related to the information herein. Periodic updates may be provided on companies, issuers or industries based on s…

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## Transcript

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