With ever-rising costs for food, gasoline, housing and other necessities squeezing consumers and threatening the economy, inflation in the United States likely set yet another four-decade high in March
Here's How the Fed Raising Interest Rates Can Help Get Inflation Lower, and Why It Could Fail
The central bank’s rate increases will make loans sharply more expensive for consumers and businesses. Mortgage rates, in particular, though not directly influenced by the Fed, have rocketed higher in recent weeks, making home-buying more expensive. Many economists say they worry that the Fed has waited too long to begin raising rates and might end up acting so aggressively as to trigger a recession.
In Tuesday’s government report, even excluding volatile food and energy prices, so-called core inflation for the past 12 months is expected to have hit 6.6%, according to the FactSet survey. That would be the biggest such year-over-year jump since August 1982. The recovery, fueled by huge infusions of government spending and super-low interest rates, caught businesses by surprise, forcing them to scramble to meet surging customer demand. Factories, ports and freight yards struggled to keep up, leading to chronic shipping delays and price spikes.
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