With inflation continuing to heat up dramatically the Federal Reserve is expected to approve the first of many interest rate increases next week.
Rutgers University economist James Hughes said no one is sure whether we’ll see an increase of a quarter percent, a half percent or higher but “it’s definitely going to take place just because of the inflation metrics that we’ve been experiencing.”
He said over the past several months we’ve seen inflation spike to the highest level since the early 1980s when we saw high double-digit rates.