Economics
Fed to Inflict More Pain on Economy as It Readies Big Rate Hike
- Recession seen as increasingly likely as Fed fights inflation
- US inflation ‘entrenched and spreading,’ ex-Fed official says
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The Federal Reserve will probably have to inflict much more pain on the economy to get inflation under control.
Growth is already slowing in response to the Fed’s repeated interest rate increases, with the housing market softening, technology companies curbing hiring and unemployment claims edging up.