With mounting evidence of higher inflation, Federal Reserve officials might decide to raise interest rates higher and faster, according to a report by the Associated Press.
The Nov. 10 consumer price index report showed rising costs across a broad range of goods and services, including some with little or no connection to energy prices or data centers, which power artificial intelligence applications.
The Labor Department said the index rose 0.4% from September to October, and while that was down from 0.6% the previous month, Fed officials Christopher Waller and Lorie Logan said Tuesday the central bank may have to raise its key interest rate to keep inflation in check.
That would increase the cost of borrowing for consumers and businesses and slow down the economy in an attempt to tame inflation.
