Will worries about higher costs down the road lead to curtailed spending?

How and when the breaks are applied will vary from state to state.

In some ways, falling prices would actually be bad news for the economy.

“There are a lot of empty fields that aren’t being planted — something I’ve never seen before,” say Terranova Ranch’s Don Cameron.

Americans have a $860 billion credit card balance, according to the Federal Reserve Bank of New York.

For one thing, it’s not helpful in the fight against inflation.

Wages are rising fast, but not as fast as prices. When inflation expectations drive workers’ demands for higher pay, inflation can spiral out of control.

The Fed intensified its fight against the worst inflation in 40 years on Wednesday and signaled further large rate hikes to come.

Mortgage rates, for example, probably already have the Fed hikes built in.

The strategy is aimed at tightening credit and easing inflation. Purdue’s Cathy Zhang worries about the effects on financial markets.