Apple iPhone Duo

More evidence this week of hot inflation in the U.S. was unpleasant news for the Federal Reserve, not to mention consumers: Rising prices may be spreading beyond the one-time shocks from tariffs and high gas prices into the wider economy, meaning that mortgages, credit cards and other forms of borrowing are likely to become increasingly expensive. Tuesday’s consumer price index report showed broadly rising costs across a range of goods and services. There is increasing anxiety among Fed officials that higher oil prices stemming from the Iran war may last longer than previously thought.