Inflation hits 9.1% in June, raising risk of massive rate hike

Inflation surged an unexpectedly strong 9.1% last month, raising the risk of even steeper rate hikes from the Federal Reserve as Americans get pummeled by record gas prices, soaring rents and stiff grocery bills. The dismal June reading released by the Labor Department on Wednesday — the highest since November 1981 — will ratchet up pressure on President Biden, who has faced widespread criticism over his muted initial response as higher prices slammed household budgets-- More....

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