Fed’s Preferred Inflation Gauge Accelerates, Adding Pressure for More Rate Hikes
The Federal Reserve’s preferred inflation gauges unexpectedly accelerated in January and consumer spending surged after a year-end slump, adding pressure on policymakers to keep ratcheting up interest rates.
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### Instruction: Fed’s Preferred Inflation Gauge Accelerates, Adding Pressure for More Rate Hikes

### Response: The Federal Reserve’s preferred inflation gauges unexpectedly accelerated in January and consumer spending surged after a year-end slump, adding pressure on policymakers to keep ratcheting up interest rates.