Trump says inflation has been “defeated,” but consumer prices rose 2.9% in August, above the Fed’s 2% target.

Tariffs are pushing up costs on furniture, appliances and groceries, with coffee prices soaring 21% due partly to Brazil duties.

The Fed risks its inflation-fighting credibility by cutting interest rates while betting tariff-driven price increases will be only temporary.

Inflation has risen in three of the last four months and is slightly higher than it was a year ago, when it helped sink then-Vice President Kamala Harris’ presidential campaign. Yet you wouldn’t know it from listening to President Donald Trump or even some of the inflation fighters at the Federal Reserve.

Trump told the United Nations General Assembly late last month: “Grocery prices are down, mortgage rates ar

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