Odds of the US Federal Reserve increasing interest rates in March have increased after US inflation data came in above expectations at 2.5% for January, up from 2.1% previously. As inflationary pressures mount, so too does pressure on the Federal Reserve to continue normalising interest rates. Robust economic data at this stage adds weight to the US central bank's hawkish view. US data on consumer spending grew for the fifth consecutive month in January, showing that the change of presidency has yet to have a material negative impact on consumer habits. US industrial production fell short of expectations with a decline of -0.3% attributed to a strengthening US dollar. In the wake of these releases, the US dollar index, which measures the currency against a basket of its peers, saw weakness, whilst US stock markets were up on the day. US treasuries sold off as equity markets regained some confidence and safer assets were less in demand.