US Senator Joe Manchin is seen holding back President Joe Biden’s Build Back Better agenda until next year, in the face of growing inflation worries, Axios reports, citing people familiar with the matter.

With inflation concerns mounting, it could potentially kill a quick deal on the $1.75 trillion package, the sources added.

Immediately after the US Consumer Price Index (CPI) data released on Wednesday, Manchin tweeted out, “by all accounts, the threat posed by record inflation to the American people is not "transitory" and is instead getting worse. From the grocery store to the gas pump, Americans know the inflation tax is real and DC can no longer ignore the economic pain Americans feel every day.”

Market reaction

The US dollar is undeterred by these headlines, as it makes fresh yearly highs against its main rivals at 94.94.

As of writing, the index is modestly flat on the day, trading at 94.90.