The decision comes after the central bank trimmed rates three times starting in September 2024, which has pushed down the federal funds rate — the rate banks charge each other f

Consumer Price Index inflation rose 0.5% month-on-month, likely incrementally delaying any Federal Reserve plans for interest rate cuts.

Inflation rose unexpectedly in January, with the Consumer Price Index rising 3% over the last 12 months, up from 2.9% in December. Forecasters had expected inflation to slow down, but prices for food, gas, and housing pushed the inflation rate out of the 2% range for the first time since May.