Trump Faces Interest Rate Humiliation After Grim Inflation Report
Donald Trump’s crusade to cut interest rates took a major hit when the U.S. Consumer Price Index report, released Friday, showed inflation was still climbing.
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Overall inflation continued its 3.4 percent annual rise, and a wide range of core goods and services grew more costly in August.
The Bureau of Labor Statistics reported that the consumer price index rose a seasonally adjusted 0.4 percent for the month. There was little change from July.
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The CPI report is the final inflation figure the Fed will see before deciding on whether to act on interest rates at its meeting on Wednesday.
Economists predicted that interest rates would rise if inflation wasn’t kept in check over the summer.
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This is a developing story and will be updated.
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