Inflation has lifted the cost of just about everything, pushing overall prices up 8.6 percent in the past year and leaving many people concerned with what Washington policymakers are doing about it.
The Federal Reserve, the nation’s central bank, is charged with keeping prices stable and with keeping unemployment low. The bank has been moving to tackle the greatest run-up in prices in four decades. But many fear that their efforts to curb inflation have come too late.
This week, as Wall Street teeters and warnings of a potential recession grow, the Fed is under even more intense scrutiny. The central bank announced on Wednesday that it is raising interest rates by three-quarters of a percentage point in an attempt to temper record inflation.
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