The White House is looking for any possible way to discredit Jerome Powell right now," said Stephen Moore, an informal Trump economic adviser.

A new report shows inflation has picked up and analysts believe the prices of many goods increased, in part, because of President Trump’s tariffs. It will play into decisions by the Federal Reserve about when and whether to cut interest rates and comes as the president and his team have ramped up their pressure campaign on Fed Chair Jerome Powell.

President Donald Trump’s pressure campaign against the Federal Reserve and Chair Jerome Powell to lower interest rates entered a new front this week