The newest inflation data out this week is expected to show another jaw-dropping figure as the Russian war in Ukraine sent oil and gas prices spiraling higher.
data, with press secretary Jen Psaki telling reporters on Monday that the White House expects to see that inflation accelerated again in March as a result of the Ukraine war and the ensuing sanctions on Russia.
The data will also have major implications for the Federal Reserve, which has taken a more hawkish approach to fighting inflation in recent months: Policymakers raised rates by a 0.25 percentage point in March, and have since signaled support for a faster, 0.5-point increase at their May meeting. "Many participants noted that one or more [0.5-point] increases in the target range could be appropriate at future meetings, particularly if inflation pressures remained elevated or intensified," the Fed minutes from its March meeting said.
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