Fed Chair Jerome Powell says the central bank is prepared to begin raising interest rates this month to fight inflation despite economic uncertainty after Russia's invasion of Ukraine.
Consumer prices in January were up 7.5% from a year ago, the biggest annual gain since 1982. That may seem like a lot for those under 40, but older folks have lived through even sharper price hikes.
The Federal Reserve is preparing to raise interest rates sooner and — perhaps — more aggressively after inflation reached the highest in nearly 40 years.
The Federal Reserve is opening the door to possible interest rate hikes earlier next year than had been expected, as it wrestles with the highest inflation in nearly four decades.
The Fed left interest rates near zero on Wednesday but announced plans to start removing some of the support it has provided to the economy as inflation hits its highest point in 30 years.
The Dow Jones slumped over 600 points as financial troubles at property developer China Evergrande Group became the latest in a growing list of concerns for Wall Street.
The Federal Reserve has provided massive support to markets through the pandemic. Now it faces a tricky decision: how to start removing some of that help without triggering a market sell-off.
The Federal Reserve has raised its forecast for economic growth, thanks to an improving public health outlook and trillions of dollars in federal spending.
