Consumer prices rose 3.4% in December compared to a year ago, accelerating markedly from the previous month and defying a smooth path down to normal levels, a report from the Bureau of Labor Statistics released on Thursday showed.
We may soon be getting a break from the Federal Reserve.
The Federal Reserve says it will hold interest rates steady for now.
This afternoon, the Federal Reserve raised it’s interest rate by a quarter of a point.
Rate hikes have contributed to a banking crisis and economic slowdown this year.
America’s employers added a substantial 311,000 jobs in February, fewer than January’s huge gain but easily enough to keep pressure on the Federal Reserve to raise interest rates aggressively to fight inflation
The Federal Reserve votes today on whether or not to raise interest rates.
The Federal Reserve instituted a dramatic interest rate hike on Wednesday, the latest in a series of borrowing cost increases, as the central bank tries to dial back near-historic inflation while avoiding an economic downturn.
“I guess the first thing I would say to every household is that we know inflation is too high and we understand how painful it is. Particularly for people who are living paycheck to paycheck and spend most of that paycheck on necessities such as food and gas and heating their homes and clothing and things like that. We do understand that those people suffer the most,” said Chair of the Federal Reserve, Jerome Powell.
The stock market is taking another steep dive after the Federal Reserve raised interest rates to fight inflation, but what products are taking the biggest hit?
