The Fed has remained staunch in raising interest rates, with Fed Chairman Jerome Powell consistently saying that the Fed will ease rising interest rates only when the central bank sees significant progress on inflation. For context, inflation's increase in September was 8.2%.
The latest Consumer Price Index, a key inflation report, showed that inflation's pace slowed down in October, rising 7.7% for all items over the last twelve months. But rate hikes may finally start to slow in December, with inflation showing early signs of cooling. In response, the Fed has remained aggressive in raising interest rates, its main countermeasure to try to lower rising prices. From groceries to gas, inflation has been squeezing Americans over the last 12 months. Over the last year the Federal Reserve has been on a crusade to temper rising prices. This story is part of Recession Help Desk, CNET's coverage of how to make smart money moves in an uncertain economy.
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