Friday/ inflation: spiking up

The Consumer Price Index climbed by 6.8 percent in the past year through November, the data showed, the fastest in almost 40 years.
The headline below says inflation is pressuring Washington (President Biden and the Democrats, I presume).
It’s up to the Federal Reserve Bank and chairman Jay Powell, to decide when to raise interest rates to curb inflation, though.

From the New York Times: In the 1960s, the central bank failed to take sufficiently decisive action to tamp down rising prices. Inflation soared, rising to double-digit levels during the 1970s, and Paul Volcker, then the Fed chair, pushed interest rates up sharply to get things under control in the early 1980s.

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