New inflation data factors into Federal Reserve's interest rates decision

The Federal Reserve is closely watching new inflation data released Friday amid concerns of a price spike and an uncertain job market. The focus is on core inflation, which excludes the volatile costs of food and energy. The Federal Reserve has maintained higher interest rates to curb inflation, but a shaky job market may prompt a reconsideration of this approach.Federal Reserve Chair Jerome Powell said, “Risks to inflation are tilted to the upside, and risks to employment to the downside — a challenging situation.” Powell has indicated that the board may lower interest rates next month, even though inflation remains above its 2% annual target. Friday’s data showed a 2.9% increase in prices compared to last year.Lowering interest rates would make borrowing money cheaper, potentially encouraging spending, which could drive up prices. Powell noted that President Donald Trump’s fluctuating tariffs complicate predictions on their impact on prices. Adam Hersh, senior economist at the Economic Policy Institute, said the president’s policies are broadly affecting the economy. “The mass deportation policy is not targeting criminals. They’re taking people off of worksites, out of the fields and agriculture, off of construction sites.”Hersh also said utility prices for electricity and water are reportedly rising due to investments in data centers and Republican budget cuts to diversifying energy sources.

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