Too Long; Didn't Read
Inflation continues to affect many sectors of the United States economy. Grocery store and gas pump sticker shock are two highly visible indicators of this troublesome trend. Inflation has also made it harder for service providers to operate profitable businesses. The Fed has already begun to take aggressive action to moderate the inflation rate. The Federal Reserve Board announced a rate increase of 50 basis points (or half a percentage point) during its May 4, 2022 meeting. Several more 50-point rate hikes are expected during 2022, each one designed to further slow inflation.