Just when the COVID-19 crisis began to subside globally, markets were hit by another major issue – inflation – caused by supply-chain issues, strong consumer demand, and a shortage of labor. Further, the Ukraine-Russia war added fuel to the problem, taking prices, especially of gas and essentials, to another level. A report published by the Bureau of Labor Statistics last week showed that inflation in the U.S. hit 8.5%, the highest in 41 years. Federal Reserve Chair Jerome Powell seeks to tame the issue with six interest rates hikes in 2022.
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