Here’s what Americans plan to spend more money on as inflation pushes prices higher
Federal Reserve Chair Jerome Powell may have said it best when he addressed the public at a Wednesday press event following the Federal Open Market Committee’s half-point rate hike.
“Inflation is much too high,” he said. “We understand the hardship it is causing, and we’re moving expeditiously to bring it back down.”
The Fed is raising interest rates to rein in the economy as consumers grapple with the largest price increases seen in 40 years. Inflation is starting to have an impact on people’s spending expectations over the coming months, with 61% of Americans saying they’re worried about their financial situation, according to a survey of more than 1,000 adults conducted by Toluna from March 23 to 29.