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Federal Reserve Chair Jerome Powell said Wednesday that President Donald Trump's calls for lower interest rates won't lead the central bank to change its rate decisions. “People can be confident that we’ll continue to keep our heads down, do our work, and make our decisions based on what’s happening in the economy,” Powell said, under questioning from members of the House Financial Services Committee. Powell spoke on the second day of his semiannual testimony to Congress.

The unexpected rise in price pressures prompted futures traders to increase the odds that the Federal Reserve will hold the benchmark rate at its current range beyond May.

(Bloomberg) -- The Federal Reserve is set to refrain from cutting interest rates for “quite a while,” following a hotter-than-expected inflation report, according to Mohamed El-Erian. Most Read from BloombergSaudi Arabia’s Neom Signs $5 Billion Deal for AI Data CenterWhy American Mobility Ground to a HaltCutting Arena Subsidies Can Help Cover Tax Cuts, Think Tank SaysSpaceX Bid to Turn Texas Starbase Into City Is Set for Vote in MayThe Forgotten French Architect Who Rebuilt MarseilleThe Fed, in

A consortium led by Exxon Mobil has requested environmental permits from Guyana for its eighth project, the first that will generate gas not linked to oil production, and to explore another well at its massive offshore block, the head of the U.S. oil major in Guyana said on Wednesday. Exxon plans to boost output capacity this year to 940,000 barrels per day (bpd) versus the 616,000 bpd it produced in 2024 after upgrades at two of its three floating oil facilities and the arrival of a fourth vessel, Alistair Routledge, president of Exxon Guyana, said at a press conference.

Donald Trump has called for the US Federal Reserve to cut interest rates despite official figures showing inflation in the world’s largest economy increased for the fourth month in a row.

Inflation was supposed to be slowing down by now. Instead, it's hitting the gas.

Higher inflation readings reported on Wednesday left Federal Reserve officials telling U.S. lawmakers, business executives and the public that they may be waiting longer than they had thought for relief from high interest rates, with price pressures persisting and broad uncertainty about the impact of Trump administration policies. Just before Fed Chair Jerome Powell began a second day of hearings on Capitol Hill, new data showed consumer prices jumped in January at a 3% annual rate, accelerating now for four months straight and driven higher by shelter, food and gas prices that feed heavily into consumer expectations. It was noticed in the White House, where President Donald Trump, who campaigned on promises to lower prices once in power, emphasized it shouldn't be put on his ledger.