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The Independent UK
The Independent UK
National
Christopher Rugaber

Inflation report lands amid spiking oil prices, rising interest rates and Fed on fence

Inflation Interest Rates Oil Christopher Waller Donald Trump Kevin Warsh Gas Prices the Federal Reserve US Federal Reserve
US Economy - (Copyright 2026 The Associated Press. All Rights Reserved.)

Friday's inflation report is shaping up to be among the most consequential in years.

Oil and gas prices have spiked again on the back of renewed combat in the Middle East. The Federal Reserve is considering whether to lift its short-term interest rate next week, with some officials saying Friday's report could swing them either way. And longer-term interest rates jumped Thursday, partly because of fears of higher inflation, pushing mortgage borrowing costs higher.

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