Feds scramble to get control of Rising Inflation and Interest Rates

Rev 6:6 NAS And I heard something like a voice in the center of the four living creatures saying, “A quart of wheat for a denarius, and three quarts of barley for a denarius; and do not damage the oil and the wine.”

Important Takeaways:

  • U.S. inflation rate leaps to 8.5%, CPI shows, as higher gas prices slam consumers
  • The rate of U.S. inflation leaped to 40-year high of 8.5% in March and showed little sign of easing up, explaining the new-found urgency at the Federal Reserve to quickly undo its easy-money strategy.
  • Rising prices are outstripping the fastest wage gains in four decades and surveys show inflation is the public’s biggest worry. It’s hurting Democrats at the polls ahead of the pivotal congressional elections in the fall.
  • High inflation is showing up everywhere: At gas stations, grocery stores, big-box chains such as Best Buy and online sellers like Amazon rents and housing prices have also surged.
  • The average cost of a gallon of regular gas in the U.S. rose to as high as $4.32 in March from $3.61 in the prior month and $2.87 a year earlier. In some parts of the country prices even topped $7 a gallon.
  • Grocery prices have escalated 10% in the past 12 months, the biggest jump since 1981.

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