US inflation dampens hopes of early rate cuts

WASHINGTON, D.C.: US consumer inflation continued to accelerate last month, according to government data published Wednesday, reducing the chances of an early interest rate cut from the Federal Reserve (Fed) in a tense election year.

The data raised the likelihood that the first Fed rate cut will come right before November's presidential vote, which would thrust the independent US central bank into the middle of a fractious fight between President Joe Biden and his likely opponent, former president Donald Trump.