High inflation continues to plague the economy, leading to the Federal Reserve announcing Wednesday that it doesn’t plan to cut interest rates until it has "greater confidence" that price increases are slowing sustainably to its 2% target.The Fed has kept its key rate at a two-decade high of roughly 5.3%. The combination of high interest rates and persistent inflation has also emerged as a potential threat to President Joe Biden’s re-election bid.
Inflation has cooled from a peak of 7.1%, according to the Fed’s preferred measure, to 2.7%, as supply chains have eased and the cost of some goods has actually declined.RELATED: Bad service, no tip: Most Americans demand quality before tippingAverage prices, though, remain well above their pre-pandemic levels, and the costs of services ranging from apartment rents and health care to restaurant meals and auto insurance continue to surge.
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