70s Inflation News Today : Breaking News, Live Updates & Top Stories | Vimarsana

years, marking the central bank's most aggressive move yet to bring down the soaring costs of food and gas and almost everything else. inflation is not easy. just days ago we learned it's at the highest level since 1981. the fed released a darkening forecast projecting more inflation and higher unemployment. joining me now matt egan. we heard from the fed chairman. he signalled more rate hikes. what did you learn? >> reporter: well, victor, clearly inflation is on fire. today the federal reserve officially called in help for some reinforcements. taking aggressive steps to raise inter...

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Allison kostick is at the new york stock exchange. >> reporter: we're seeing green arrows across the board. the fed's decision coming in line with what the market wanted. there was this growing chorus calling for j. powell to get tougher on inflation and powell looks to have done that today by raising interest rates. looks like the fed is responding to may's hot inflation number, something that was the last straw for the s&p 500 to enter a bear market. it's down 20% for the year. the nasdaq has been in a bear market as well, down 30%. many say powell has been behind the curve and slow to act o...

Aggressive inflation problem is the right one. now we'll see how many times they have to go 75. the chairman signalled they might do it again at the next meeting. >> you think this makes a recession in a year or two any more or less likely? >> no. we're having elevated risks of recession any time the fed is trying to combat inflation. historically its ability to slow the economy enough to get inflation under control, but not to go in negative territory, has been dicey. they're trying to do that one more time in the face of adversity, coming out of ukraine, the tail legs of the pandemic and wit...

Now there's a concern about the fed needing to get this right. they're in the middle of this delicate dance, how to bring down inflation without driving the economy into a recession by hiking rates too many. victor? >> allison, thank you very much. joining me now is former economic adviser to president bush, also the president of the american action forum. douglas, good to see you. let's start with your reaction to this 75 basis point increase. >> i thought you could make the case for a 50 or 75-point move. the 75-point move was the plan. the fed wants to convey the message it understands the ...