Grocery prices up 10.8%, steak is “almost out of the question”
Inflation-targeting policies have been successful until recently
The observations came in the Fed's semiannual Financial Stability Report
More rate increases could be in the pipeline based on the latest economic outlook
The Federal Reserve raised the benchmark short-term interest rate to a range of 0.75% to 1%
Deputy governor Carolyn Rogers said a clear view of the future has been hard to come by over the last two years
Higher rates should cool inflation, but low-income households face pain
Financial markets expect the Fed to keep raising rates to a range of 2.5% to 2.75% by the end of this year
The range of risk scenarios is expanding with growing threats to the economic outlook, Fitch says
"Inflation is too high," Bank of Canada governor Tiff Macklem said