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The economy was the biggest concern for US voters in November's election, and Trump rode a tide of deep unhappiness over Biden's handling of inflation all the way to victory.

Wallets are continually getting hit as the value of the dollar shrinks due to inflation.

She says freezes to Medicare rebates – which were overseen by both parties between 2013 and 2017 and meant the payments didn't even keep up with inflation – were the last straw.

Trump’s policy initiatives have also increased the risk of a U.S. recession combined with reaccelerating inflation, limiting the scale of potential interest rate cuts by the Federal Reserve.

He objected when the Fed raised rates in his first term and has been pushing Powell to cut them now, arguing that inflation has cooled and keeping rates too high could do unnecessary economic damage.