P resident Donald Trump responded to the acceleration of consumer price inflation with a renewal of his demand for the Federal Reserve to cut interest rates immediately.

A fresh report on Tuesday marked two consecutive months of rising inflation. ABC News' Alexis Christoforous reports.

Federal Reserve Chair Jerome Powell defended the bank's $2.5 billion headquarters renovation budget amid feud with Trump over interest rates.

U.S. stocks are shaky on Wednesday after President Donald Trump said he had “talked about the concept of firing” the head of the Federal Reserve. Such a move could help Wall Street get the lower interest rates that it loves but would also risk a weakened Fed unable to make the unpopular moves needed to keep inflation under control.

President Trump is commenting on Federal Reserve Chair Jerome Powell as reports emerge that he is considering firing him. Mr. Trump has been calling for Powell to cut interest rates as the U.S. navigates inflation.

Trump denies plans to fire Fed Chair Jerome Powell, despite past tensions and market uncertainty over monetary policy