Goldman Sachs warned that soaring inflation is a more significant threat to the global economy than the COVID-19 pandemic, adding fresh pressure to the Biden administration and the Federal Reserve to take action.
The investment banking giant said (pdf) on Nov. 8 that the Federal Reserve will have to start raising interest rates, coming as the Department of Labor reported this week that the year-over-year inflation for consumer prices reached 6.2 percent in October, or the highest rate of rising prices in about 30 years.
