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.

By Howard Schneider WASHINGTON (Reuters) -Federal Reserve Chair Jerome Powell repeated on Wednesday that the central bank is in no rush to cut interest rates during a congressional hearing convened shortly after data showed U.

Inflation accelerated in January, rising 3% on an annual basis, indicating that the Federal Reserve's push to drive inflation down to a 2% annual rate has stalled out, at least temporarily. The Consumer Price Index was forecast to rise 2.

Inflation accelerated in January, rising 3% on an annual basis, indicating that the Federal Reserve's push to drive inflation down to a 2% annual rate has stalled out, at least temporarily. Martin Baccardax joins to discuss.

A gauge of global stocks hit an intraday record on Thursday while U.S. Treasury yields tumbled as an inflation reading fueled hopes the Federal Reserve's preferred measure of prices might be cooler than anticipated.

Treasuries rose on Donald Trump’s latest tariff vows, extending a rally that came as a report on producer prices suggested that Wednesday’s selloff sparked by hot consumer inflation data was overblown.

The Indian rupee is likely to open flat-to-marginally weaker on Thursday after hotter-than-expected U.S. inflation data made it likely that the Federal Reserve will not cut rates in a hurry and on comments by President Donald Trump that he will impose reciprocal tariffs soon.

Hot inflation has raised the stakes of President Trump’s plans to escalate his use of tariffs on the country’s biggest trading partners, risking even higher consumer prices and pushing back the prospects of the Federal Reserve lowering interest rates soon.