A sharp spike in January inflation, driven by record egg prices and rising fuel oil costs, has thwarted the Federal Reserve's hopes of cutting interest rates in early 2025. The Consumer Price Index rose 0.

Federal Reserve Chair Jerome Powell emphasized that the bank will be patient in adjusting interest rates on Tuesday as inflation remains stubbornly high and economic growth continues apace. The centra

Powell was also asked about the high cost of home ownership and President Trump's trade policies, but as usual, the Fed chair tried to steer clear of politics.