The annual rate of inflation in America rose again in December, to 2.9%, the third consecutive increase. Although there was some relief that the core rate softened, markets expect the Federal Reserve to now slow its pace of interest-rate cuts. Economists warn that inflation will only strengthen if the new Trump administration imposes a harsh tariff regime. The sell-off eased in bond markets, but yields remain high, adding to governments’ debt load, especially in Britain, where higher yields have upended the government’s fiscal plans. Investors in Britain found some relief when inflation there unexpectedly slowed in December, to 2.5%,