US Economy

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, pushing mortgage borrowing costs higher, partly on fears of more persistent inflation. The Trump administration is seeking to counter voter concerns about high prices and rising borrowing costs as the midterm elections approach.