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Donald Trump has called for the US Federal Reserve to cut interest rates despite official figures showing inflation in the world’s largest economy increased for the fourth month in a row.

Inflation was supposed to be slowing down by now. Instead, it's hitting the gas.

Higher inflation readings reported on Wednesday left Federal Reserve officials telling U.S. lawmakers, business executives and the public that they may be waiting longer than they had thought for relief from high interest rates, with price pressures persisting and broad uncertainty about the impact of Trump administration policies. Just before Fed Chair Jerome Powell began a second day of hearings on Capitol Hill, new data showed consumer prices jumped in January at a 3% annual rate, accelerating now for four months straight and driven higher by shelter, food and gas prices that feed heavily into consumer expectations. It was noticed in the White House, where President Donald Trump, who campaigned on promises to lower prices once in power, emphasized it shouldn't be put on his ledger.

(Bloomberg) -- Bond traders pushed out bets for the next Federal Reserve interest-rate cut to December as underlying US inflation last month rose by more than forecast.Most Read from BloombergSaudi Arabia’s Neom Signs $5 Billion Deal for AI Data CenterWhy American Mobility Ground to a HaltThe Forgotten French Architect Who Rebuilt MarseilleIn New Orleans, an Aging Dome Tries to Stay SuperThe market is pricing in just one quarter-point reduction in the remainder of 2025 after the so-called core c

(Bloomberg) -- Nicolas Dujovne resigned as Argentina’s top economic policymaker in 2019, as a chaotic post-election selloff shook the country’s assets over fears that the pro-business policies of President Mauricio Macri were coming to an end.Most Read from BloombergSaudi Arabia’s Neom Signs $5 Billion Deal for AI Data CenterWhy American Mobility Ground to a HaltThe Forgotten French Architect Who Rebuilt MarseilleIn New Orleans, an Aging Dome Tries to Stay SuperMore than five years later, a bond

The CPI jumped 0.5% last month after gaining 0.4% in December, the Labor said on Wednesday. Economists polled by Reuters had forecast the CPI gaining 0.3% and rising 2.9% year-on-year. Fed funds futures showed traders do not expect another Fed ease until at least September, having shown before the report expectations for a 25 basis point cut in June.

OPEC on Wednesday stuck to its forecast for relatively strong growth in global oil demand in 2025, saying air and road travel would support consumption and potential trade tariffs were not expected to impact economic growth. The Organization of the Petroleum Exporting Countries, in a monthly report, said world oil demand will rise by 1.45 million barrels per day (bpd) in 2025 and by 1.43 million bpd in 2026. Both forecasts were unchanged from last month.