The Consumer Price Index rose 3.0 percent from a year earlier as food and energy prices picked up.

President Trump pledged to lower costs on “Day 1” as a candidate. His administration now acknowledges it will take more time.

Jerome H. Powell is set to testify as inflation risks are resurfacing, regulatory changes are in flux and the Federal Reserve’s policy independence is in the spotlight.

The Treasury Department has also eliminated the option of buying as much as $5,000 in extra inflation bonds, beyond the $10,000 annual limit.

Gross domestic product grew by 2.3 percent in the fourth quarter, capping a more robust year than expected. Policy uncertainty clouds the outlook.

The European Central Bank’s reduction, the fifth consecutive cut since last summer, came a day after the U.S. Federal Reserve held interest rates.

Fears of inflation and more debt are already making borrowing more expensive.

Economists and analysts aren’t convinced that an expansion of oil and gas production will lower consumer prices.

Tariffs and tax cuts amid high interest rates and lingering inflation will pose a test for the U.S. economy.

The latest jump threatens to sideline more buyers and sellers.

Biden’s disastrous debate performance highlighted age concerns.

A December gain of 256,000 blew past forecasts, and unemployment fell to 4.2 percent. But markets recoiled as interest rate cuts seemed more distant.

Stronger-than-expected data on the labor market has added to clues that the economy continues to run at a solid pace, amplifying fears about stubborn inflation.

The Biden administration is cracking down on the Russian “shadow fleet” and taking steps to curb oil and gas production.

Stubborn inflation, and potential tariffs, make future rate cuts uncertain.