Gross domestic product grew by 2.3 percent in the fourth quarter, capping a more robust year than expected. Policy uncertainty clouds the outlook.

Several large U.S. financial institutions, including the Federal Reserve, have withdrawn from the networks after years of growing political and legal pressure.

The Consumer Price Index rose 2.9 percent from a year earlier, but a measure of underlying inflation was more encouraging.

A December gain of 256,000 blew past forecasts, and unemployment fell to 4.2 percent. But markets recoiled as interest rate cuts seemed more distant.

Stronger-than-expected data on the labor market has added to clues that the economy continues to run at a solid pace, amplifying fears about stubborn inflation.

Stubborn inflation, and potential tariffs, make future rate cuts uncertain.

Michael Barr oversaw an attempt to rewrite financial regulations that came under attack from a wide range of groups, including banks, lawmakers and even some of his colleagues.

Donald J. Trump, the president-elect, said he doesn’t “see it” when asked if he would try to oust the head of America’s central bank.

© Cheriss May for The New York Times