I saw this today on Market Watch – Highest U.S. inflation in nearly 40 years will force Federal Reserve’s hand: https://www.marketwatch.com/story/highest-u-s-inflation-in-nearly-40-years-will-force-federal-reserves-hand-11639151958. Longer article.
By Greg Robb December 10, 2021
‘No reason interest rates are where they are,’ economist says
The highest U.S inflation rate in nearly 40 years seen in Friday’s November CPI data, will prompt the Federal Reserve to begin raising its benchmark short-term interest rate sooner and higher than previously appeared to be the plan, economists said Friday.
Fed officials have been caught off guard by the pace of the acceleration in inflation and are staring at the risk of persistent price gains, said Josh Shapiro, chief U.S. economist at MFR Inc, in an interview.
“Their eyes are wide open right now for sure,” Shapiro said.