That’s a wrap – thank you for reading the Need to Know blog today. These were some of the main stories:

• Inflation well within RBA target range: Treasurer Jim Chalmers says it’s not mission accomplished on inflation, but Labor is “making very substantial progress”.

• White House offers incentives to government employees to resign: The Trump administration said on Tuesday (Wednesday AEDT) that it is offering incentives for almost all civilian federal workers to resign and warned of plans to shrink the size of the government.

• US judge temporarily blocks Trump funding freeze: A federal judge has temporarily blocked a Trump administration freeze on federal grants and loans that could total trillions of dollars.

• ‘Real possibility’ Australia’s economy will have a soft landing: Finance Minister Katy Gallagher says Deloitte’s report shows it thinks Australia is through the worst of the economic pressures despite the prediction that living standards will not recover to pre-pandemic levels until 2030.

• Trump invites Netanyahu to the White House: Israeli Prime Minister Benjamin Netanyahu says President Donald Trump has invited him to visit the White House on February 4, which would make him the first foreign leader to visit Washington in Trump’s second term.