Inflation Accelerates, September Fed Hike Locked In — SkimNews
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- U.S. inflation accelerated last month as gas prices spiked, squeezing Americans' finances, according to the latest CPI data covered across outlets.
- Economists say a Federal Reserve rate hike in September is all but guaranteed following the CPI report, with Middle East clashes continuing to push fuel prices higher.
Why it matters: With economists calling a September Fed rate hike all but certain, U.S. consumers face a double squeeze: higher prices at the gas pump now and the prospect of elevated borrowing costs on mortgages, credit cards, and other loans going forward.
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