Analysis: The Fed is in a high-stakes race to catch up to inflation – By Matt Egan (CNN Business) / January 17, 2022
New York (CNN Business) The Federal Reserve helped save the US economy from Covid. Next up: Rescue America from its first inflation crisis in decades.
While the Fed responded swiftly and forcefully to the emerging pandemic in early 2020, its initial response to inflation was slow and faltering.
The Fed shrugged off inflation last year as “transitory,” and decided to keep its foot firmly planted on the easy money gas pedal. That only added more fuel to the fire.
Now, after eight straight months of consumer prices spiking by 5% or more, the Fed is finally in inflation-fighting mode.
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