Inflation held steady in December, continuing to prove stubborn just days after reports of a Department of Justice probe into Federal Reserve Chair Jerome Powell.

Interest rates are likely to edge lower in 2026 as the Fed weighs inflation, jobs and political pressure. See what forecasts suggest for the year ahead.

Gold climbed on Wednesday to near a record peak set in the previous session, while silver surpassed the never-before-seen $90 mark, as softer-than-expected U.S. inflation readings cemented bets on interest rate cuts ahead amid ongoing geopolitical uncertainty.

The final Consumer Price Index report of 2025 caps off a year in which inflation gradually eased but remained uneven across the economy.

Inflation keeps cooling but markets still don’t expect a rate cut this month. The December CPI data extended the disinflation trend, yet did little to change expectations for Federal Reserve policy. Investors, in effect, believe price pressures are no longer a concern but they aren’t fading fast enough to force the Fed’s hand.

On Tuesday, President Trump spoke to the Detroit Economic Club and posted a social media message calling on Iranians to keep protesting. CBS News' Erica Brown reports.

President Donald Trump declared that "the Trump economic boom has officially begun" just hours after the Labor Department reported that consumer prices continued to tick upward.