U.S. inflation quickens to 9.1%, amping up Fed pressure to go big
U.S. inflation quickens to 9.1%, amping up Fed pressure to go big
Abstract
The consumer price index rose 9.1% from a year earlier in a broad-based advance, Labor Department data showed Wednesday. The widely followed inflation gauge increased 1.3%, the most since 2005, reflecting higher gasoline, shelter and food costs. The data will keep Fed officials on an aggressive policy course to rein in demand and adds pressure to President Joe Biden and congressional Democrats whose support has slumped ahead of midterm elections. The S&P 500 index opened lower. The Fed has already signaled a second 75 basis-point hike in interest rates. TheFed has Already signaled a third rate hike ininterest rates in the last year. The data has already signaling a second 90-year-old rate increase in interest rate hikes in the past year.