Wall Street is poised to open lower Thursday following a hotter-than-expected rise in U.S. producer prices, raising doubts about potential interest-rate cuts by the Federal Reserve later this year.

U.S. consumer prices saw their largest rise in nearly 1.5 years in January, with Americans grappling with higher costs across various goods and services.

Led by lower food and auto prices, inflation in the United States cooled slightly last month after three elevated readings, likely offering a tentative sigh of relief for officials at the Federal Reserve as well as President Joe Biden’s re-election team.