Inflation isn’t going anywhere, as new numbers from the Bureau of Labor Statistics confirmed on Wednesday. realaxelfoley spoke with KevinTDugan about what the stark new numbers mean for consumers, and about the Federal Reserve’s tough path ahead
Do you have a million bucks in cash on you? Photo: Stefani Reynolds/AFP via Getty Images Inflation isn’t going anywhere, as new numbers from the Bureau of Labor Statistics confirmed on Wednesday. I spoke with finance reporter Kevin T. Dugan about what the stark new numbers mean for consumers and the Federal Reserve’s tough path ahead.
Ben: The measures you’re referring to — I assume you’re talking primarily about the Fed raising interest rates by a half point last week. Do you think this new report changes their thinking in terms of whether and/or when to raise them again? Ben: There are now pretty widespread fears that the Fed’s belated attempts to address this may curb spending so much that unemployment rises rapidly and the country tips into recession, as happened when Paul Volcker pulled a similar move in the 1980s — which did end up working to tame inflation, but at great cost. As you said, Powell is a deliberate guy.
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