The imbalanced accord has prompted criticism in Europe, but numerous leaders defended it as a way to stabilize the relationship with the bloc's largest trading partner.

The added demand for cash could nudge borrowing costs up across the rest of corporate America.

In December, the PPI rose the most in three months, while an underlying gauge that strips out food and energy jumped at one of the fastest rates of 2025.

"The window for a cut under a Powell-led Fed is essentially closed. He is more optimistic about the labor market and economy overall than he was."