(RTTNews) - A highly anticipated report released by the Labor Department on Wednesday showed the annual rate of U.S. consumer price growth once again reached the highest level in almost 40 years in December. "The Fed now sees it as its top priority to ensure that inflation moderates back towards the long-run 2% inflation target in order to promote a long-lasting economic expansion that brings about maximum employment over time," said Kathy Bostjancic, Chief U.S. Financial Economist at Oxford Economics. "Based on the hawkish comments from Fed officials, balance sheet reduction (quantitative tightening) will likely start mid-year."