US inflation soars to 7% for first time since 1982

, warned high inflation was a “severe threat” to the labour market recovery and affirmed the central bank’s intentions to rapidly reduce its monetary policy support.

Senior officials have begun to sketch out their plans to raise interest rates from their near-zero levels once they reach their dual goals of maximum employment and inflation that averages 2 per cent over time. official told the Financial Times. “While projections expect moderation [of inflation] across the year, the president and the administration are focused and trying to pull that forward as much as possible.”

The US stock market was poised to open higher, with futures extending early morning gains as investors digested data that appeared to keep the Fed on track for four quarter-point rate increases this year.

IrishTimes The total chaos of the Biden administration had led to crippling stagflation and destruction of supply chains . Inflation is a crippling tax on the lower paid and a huge bonus to the asset rich wealthy .There is a reason that nearly 65% of the working class are polling Republican

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