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Likely also raise interest rates, signaling as many as three interest rate hikes early next year, all to respond to inflation. cnn business reporter live in new york, matt egan. matt, tell us how quickly consumers see this. i mean, the bond buying is something they don't necessarily see right away, but interest rates they will, mortgages, credit cards, you name it. >> reporter: jim and erica, absolutely. it does take some time to filter through economy, but this is a major policy shift by the federal reserve. we know that high inflation is really the biggest financial headache facing americans...

He is here so explain, matt, the fed will raise interest rates three times next year. wall street likes it. what about main street? >> well, john, this is a major policy shift from one of the world's most powerful institutions, and it will impact virtually all americans. to really understand it though, we have to flash back to march of 2020 when the world is falling apart. the fed came to the rescue with unprecedented support for the economy. it cranked up support for a 10 out of 10, and it worked. there was no financial crisis. credit kept flowing. there were no bankruptcies, no big bank fail...

Actually answer and address and why wasn't there a proper security presence that day? >> that's, again, a classic. it's a classic change of subject to divert attention to somewhere else. that would have been putting him on the committee. we know he was part of the efforts to overturn the election. >> and there's questions whether they will prosecute folks like mark meadows who is being held in contempt of congress and there's pressure on joe biden to be more vocal on this issue of democracy heading into the 202 elections. >> lots of tbds. roger stone tomorrow gaurn tease a little bit of drama....

Spending patterns. >> it's more about how the over the inflationary pricing over the next six months very do the choose an alternative brand, do they decide to purchase one of our own brands? >> in addition the federal reserve announcing an abrupt policy shift saying it will shrink mostly bond purchases twice as fast as a planned quitting the fed on a path to start raising rates in the firs half of 2022. >> 's supply and demand in balance related to the pandemic have continued to contribute to elevated levels of inflation. in particular, bottlenecks and supply constraints are limiting how quic...

Companies that cater to the mass market will probably outperform next year, as the government tries to revive consumer spending, according to CICC and Citic Securities.