The Fed promises more rate hikes despite easing inflationary woes

InflationMoney Matters
Written By Jennifer Joslyn

Cozied up in Jackson Hole, Wyoming this week, Federal Reserve chair Jerome Powell shared a message with others at its Annual Economic Symposium: interest rates will continue to rise. This plan hasn’t changed as a summer of sky-high inflation has tortured Americans with prices of gasoline and food costing them more than ever. However, it seems that the rising inflation may have tapered off.

The suggestion that inflation may be easing comes from the reduction in the Labor Department’s consumer price index from last month. The prices of food and gasoline rose 4.6% in July from the previous year as opposed to the 4.8% growth in June.

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Jennifer Joslyn
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