Federal Reserve Chair Jerome Powell, sworn in earlier this month, testified Thursday before the U.S. Senate Banking Committee.
Personal income climbed 0.4% in January from the prior month, exceeding economists' expectations of a 0.3% increase.
The index climbed to 130.8 from 125.4 in January, the Conference Board, a Washington-based research association, said Tuesday in a statement. Economists had expected a reading of 127 on average, according to data provider FactSet. The index, based on a survey of consumers' assessment of business and employment conditions, was at its highest since 2000.
Federal Reserve Chair Jerome Powell, sworn in earlier this month, testified Tuesday before the U.S. House of Representatives' Financial Services Committee.
The Federal Reserve's monetary-committee released minutes of its January meeting, in which members held benchmark U.S. interest rates steady in a range of 1.25% to 1.5%.
The core consumer price index, which excludes volatile items like energy and food, climbs 0.3% in January. Economists surveyed by FactSet had projected a 0.2% rise on average.
A bear market in bonds? A government funding crisis? Stagnant wages and stalled-out deposit rates? These are three challenges the new Federal Reserve chair must confront after being sworn in Monday to replace Janet Yellen.
Yields on 10-year U.S. Treasury notes have been on the rise since reaching a record low of 1.36% in July 2016. Last week they surged to 2.85%, the highest in three years, and triggering debate over whether bonds are entering a decades-long bear market.
Average wages grew 2.9% from last year, according to the January non-farm payroll report, the fastest pace since 2009, igniting further concerns about faster inflation in the world's biggest economy.