In the wake of a higher-than-anticipated inflation reading, experts implored the Federal Reserve not to pursue more"aggressive interest rate hikes.
"This morning's report highlights the fact that aggressive interest rate hikes by the Fed have done little to combat the inflation that continues to take a toll on workers, families, and small businesses across the country," said Dr. Rakeen Mabud, chief economist at the Groundwork Collaborative."Additional rate hikes would push millions out of work and... raise the risk of a recession that would only worsen economic pain.
"I'm deeply concerned that the Fed is ill-equipped to respond and rate hikes could cause a recession."for June landed above analyst forecasts at 9.
"We all know that the main drivers of today's large number is commodity prices ," he added,"and we also know that many of these prices have fallen sharply in recent weeks."