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Inflation likely started off 2025 by continuing to overstay its welcome, with price increases still gnawing away at the buying power of household budgets.

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The U.S. public’s near-term inflation expectations were largely stable in January, a Federal Reserve Bank of New York report found, as respondents to the survey also predicted a notable softening in future spending plans. January also saw the public predict bigger future price rises for food, gasoline, rent, college and medical costs, while home price expectations increased to 3.2% from December’s 3.1%. The New York Fed report's relatively benign view on the future path of inflation comes just after a report on Friday from the University of Michigan that found a very sharp rise in year-ahead expected inflation, which rose from 3.3% in January to 4.3% in February, amid a broader drop in overall consumer sentiment levels for the month.

President Donald Trump on Monday removed the exceptions and exemptions from his 2018 tariffs on steel, meaning that all steel imports will be taxed at a minimum of 25%. Trump also hiked his 2018 aluminum tariffs to 25% from 10%. “We were being pummeled by both friend and foe alike,” Trump said as he signed two proclamations changing his orders during his first term that go into effect on March 4.

Higher labor costs and sticky inflation could continue to weigh on gold miners' profits going into 2025, analysts said, but soaring prices of the yellow metal should still boost free cash flow. Gold prices rose nearly 27% in 2024, the most since 2010, and have jumped to all-time highs this year. Analysts at Bank of America said companies under its coverage might generate free cash flow of around $3 billion in the fourth quarter, with more expected in 2025.

Billionaire Elon Musk suggested in a series of social media posts that the Fed should undergo closer scrutiny, making the comments just days before Fed Chair Jerome Powell is scheduled to testify on Capitol Hill.

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