Economists are starting to model the effects of President-elect Donald Trump’s plans to raise tariffs, cut taxes and restrict immigration. The upshot: Inflation and interest rates are likely to be higher for at least the next two years than forecasters anticipated before the election.

The central bank’s recent infusion of financial-market brawn includes Beth Hammack, who worked for three decades at Goldman Sachs.

The Consumer Price Index rose 2.9 percent from a year earlier, but a measure of underlying inflation was more encouraging.

The Federal Reserve has now battled high inflation for nearly four years. Economists point to the Federal Reserve's rate cuts, rising oil prices, consumer psychology, and potential tariffs as factors holding back inflation's progress.

Gas prices rose sharply, but investors homed in on a small decline in the core CPI.

The Labor Department released the inflation report for December, which showed prices were up 2.9% from a year ago, in line with economists expectations and up from 2.7% in November.

Federal Reserve Bank of Cleveland President Beth Hammack said in an interview published in the Wall Street Journal on Friday that inflation remained a problem.

Tariffs are a wild-card for inflation this year, but it is too soon to say what any changes will mean for the Federal Reserve, said central-bank newcomer Beth Hammack. In an interview, the Cleveland F

The Federal Reserve's premature victory lap over inflation reveals a worrisome misunderstanding of the predicament we still find ourselves in.

U.S. inflation likely worsened last month on the back of higher prices for gas, eggs, and used cars, a trend that could make it less likely that the Federal Reserve will cut its key interest rate much this year.

President-elect Donald Trump has created a headache for the Federal Reserve before he's even stepped into office. Inflation, part of the Fed's dual mandate of maintaining price stability with maximum employment,