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As consumers think about the impact of inflation on their wallet, retailers are devising ways to welcome them into their stores for sales.
“I think the one thing we really cannot do is to fail to restore price stability,” Powell told Kai Ryssdal.
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.
