Inflation has roared to life, eroding consumers’ purchasing power and the present value of their investment portfolios. According to the U.S. Bureau of Labor Statistics, consumer prices increased 7.7% year-over-year in October, slightly subdued from the 8.2% increase in September. After holding the federal funds rate near zero to spur economic activity during the pandemic, the Federal Reserve Bank has been raising rates aggressively this year to combat inflation while averting a recession.
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