Surging costs for gas, food and housing propelled the increase
Unemployment dropped to 3.8% yet more Americans are looking for work
The reading was the largest year-over-year rise since 1982
Some economists now forecast as many as six or seven quarter-point hikes this year
January's year-over-year increase represented a 40-year high
The central bank also said it would phase out its monthly bond purchases in March
Some economists have expressed concern that the Fed is already moving too late to combat high inflation
Banks or payment firms would create accounts or digital wallets, the report said
If approved by the United States Senate, Michigan State prof Lisa Cook would be the first Black woman to serve on the Federal Reserve Board of Governors
Core prices jumped 5.5% year over year in the United States, the highest such increase since 1991, driven in part by mismatches between demand and supply