Obama, Huckabee Win Iowa

Associated Press

Huckabee and Obama's victories are dramatic evidence of voters' hunger for change. Romney placed second among Republicans as evangelical Christians turned out to back Huckabee. Clinton and Edwards fought for Democratic runner-up. 4:40 a.m.

• Vote: Will Iowa's winners become the nominees?

• Video: WSJ's Bussey, Schlesinger on what's next

• Focus Turns to the Independent Voters

• Capital Journal: Evangelical Power Revives

• What Went Right, Wrong | WashWire: Biden, Dodd Exit

• Photos | Voter demographics | Complete coverage

Inflation Fears May Trump Rate Cuts

The Fed may not have the freedom to ease monetary policy as much as it did during the 2001 slump. The Fed's view that inflation is a bigger risk now could mean either fewer rate cuts than anticipated or a quicker reversal of the cuts.

• As Inflation Creeps, ECB Faces Dilemma

Slump in Auto Sales Augurs Ill for '08

The auto industry's troubles are spreading to other manufacturers amid a slump in U.S. vehicle sales that is likely to turn 2008 into the weakest year in at least a decade. GM's vehicle sales fell 4.4% in December. Toyota had a 1.7% drop, but it overtook Ford for the year.