The PCE price index jumped 6.6 percent over the past 12 months—a 40-year high, and it’s showing no signs of slowing down. Month over month, it surged 0.9 percent, the highest since 2005.
The Federal Reserve is set to raise interest rates in May to fight inflation. But many worry that could slow the U.S. economy into a recession. GDP growth fell in the first quarter, even without any major tightening.
NTD talked to Brian Domitrovic, economic historian and Richard S. Strong Scholar at the Laffer Center. We asked him what raising rates mean for Americans.
