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(Bloomberg) -- Federal Reserve Bank of Atlanta President Raphael Bostic said the central bank must gain more insight on proposed policy changes on issues like trade and immigration before adjusting interest rates.Most Read from BloombergWhy American Mobility Ground to a HaltSaudi Arabia’s Neom Signs $5 Billion Deal for AI Data CenterSpaceX Bid to Turn Texas Starbase Into City Is Set for Vote in MayCutting Arena Subsidies Can Help Cover Tax Cuts, Think Tank Says“My view is until we have more clar

(Bloomberg) -- Federal Reserve Chair Jerome Powell said the latest consumer price data show that while the central bank has made substantial progress toward taming inflation, there is still more work to do.Most Read from BloombergWhy American Mobility Ground to a HaltSaudi Arabia’s Neom Signs $5 Billion Deal for AI Data CenterSpaceX Bid to Turn Texas Starbase Into City Is Set for Vote in MayCutting Arena Subsidies Can Help Cover Tax Cuts, Think Tank SaysThe Forgotten French Architect Who Rebuilt

Hotter-than-anticipated inflation data saw bitcoin (BTCUSD) briefly dip below $95,000 as investors' hopes of a rate cut by the Federal Reserve at its March meeting dimmed further.

Atlanta Federal Reserve President Raphael Bostic said on Wednesday it is not clear when the Fed can cut interest rates again given uncertainty around the path of inflation and the scope of possible changes to tariff and other policies coming from the Trump administration. "It's going to take a while to just figure out what is going on," Bostic said in a presentation to business executives in Atlanta as data showed inflation jumped in January and the administration was levying extensive new import taxes on basic metals and other goods.

The Federal Reserve's progress on taming inflation has stalled out. That could mean fewer rate cuts in 2025.

Federal Reserve Chairman Jerome Powell said Wednesday the central bank has not been cut off from any data it needs to do its work. Speaking before a House panel as the Trump administration has been stripping government websites from various data sets, Powell he wasn't aware of losing anything the Fed needs, while saying he'd speak up if issues emerged. Powell was also asked about outside access to critical systems the Fed and the Treasury Department use to process government payments and Powell noted access to these tools is done "very carefully."

January's Consumer Price Index will serve as the latest test of whether inflation pressures have eased further.