The consumer price index likely surged again in November as inflation remains near a 40-year high, continuing to inflict financial pain on millions of Americans.
, which is tightening monetary policy at the fastest rate in decades as it tries to cool consumer demand and crush out-of-control inflation.
Policymakers in November approved a fourth consecutive 75-basis-point rate hike, lifting the federal funds rate to a range of 3.75% to 4% – well into restrictive levels – and indicated that more increases are coming. Policymakers are widely expected to approve a seventh straight rate hike at the conclusion of their two-day meeting on Wednesday, with most traders anticipating in a 50-basis-point jump in the federal funds rate.
"I do continue to believe that there is a path to a soft, or a soft-ish landing," Fed Chairman Jerome Powell said last month. But acknowledged the odds of such an outcome – in which there is a slight rise in unemployment without a severe recession – is narrowing as rates climb higher.
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