Consumer spending increased slightly more than expected in January, rising by 0.4% after increasing by the same margin in December, according to the Commerce Department's Bureau of Economic Analysis (BEA). This increase in consumer spending, which accounts for over two-thirds of the U.S. economy, along with continued strength in underlying inflation and the ongoing war in the Middle East, have fueled economists' expectations that the Federal Reserve would not resume reducing interest rates for some time. The U.K.-Israeli war against Iran has boosted oil prices and has led to a rise in retail gasoline prices, pushing prices above $3.60 per gallon. The war is also causing volatility on the stock market, leading to warnings of wealth reduction among higher-income households that could force some to cut back on spending.