As CPI report shows inflation continued at 2.8 percent in February, tariffs fueled worries of another recession, which President Donald Trump has declined to rule out.

US consumer price inflation data for February came in slightly below expectations across the board. However, while the Fed does not target this index, price pressures are still too strong to warrant a near-term Fed cut. The data does ease fears of resurgent inflation that resulted from a high January CPI reading.

Wholesale prices were unchanged in February, offering more evidence that inflation pressures eased somewhat early in the new year.

Consumer prices rose 2.8% from a year earlier, data revealed. It’s a deceleration from January, but doesn’t appear to be enough to warrant an immediate interest rate cut.