The Federal Reserve's preferred inflation gauge showed prices rose as expected in December, and it remains above the central bank's target level amid its ongoing efforts to wrestle down inflation.

US inflation increased by the most in eight months in December amid a surge in consumer spending, suggesting the Federal Reserve would probably be in no hurry to resume cutting interest rates soon.

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What we haven't yet got is an investment in growth and we continue to have quite a tight labour market with quite high wage inflation," he said. "We should see rates continue to stabilise and come ...

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The Federal Reserve is the central banking system of the U.S. It sets its own interest rates based on current economic conditions, taking into account things like inflation and employment.