Fed report cites 'stepped-up' inflation due to tariffs, Iran war, AI buildout
Source: Reuters · 2026-07-10
U.S. inflation "stepped up further this spring" as the evolving impact of tariffs, a war-related rise in energy costs, and the booming artificial intelligence buildout boosted price pressures that took root last year, the Federal Reserve said on Friday in a monetary policy report to Congress.
"Inflation has risen this year and remains elevated relative to the Federal Open Market Committee's longer-run objective of 2%," with the most recent data showing the U.S. central bank's preferred Personal Consumption Expenditures Price Index running... [4635 chars]