With the Federal Reserve indicating that it has no intention to stop hiking interest rates until inflation cools down, experts are worried that such actions would end up plunging the country further into recession.
The 12-month Consumer Price Index (CPI), which measures annual inflation, has stubbornly remained at or above 7.5 percent for every single month this year. On Wednesday, the Fed announced its fourth consecutive interest-rate hike of 0.75 percent, pushing the benchmark interest rates to a range of 3.75–4.00 percent, which is up from the rate of 0.25 percent at the beginning of the year.
