Inflation Stays High Despite Rate Hikes, Forcing Fed to Maintain Aggressive Stance Even as Economy Slows

• Inflation has stayed high despite expectations it would ease, confounding economists and Federal Reserve officials • The job market and consumer spending remain strong, unlike usual times of high interest rates • The Fed now unlikely to cut interest rates as soon as expected due to persistent inflation
• Prolonged high rates risk harming the job market and economy close to the presidential election • It's unclear how much inflation relief has come from rate hikes vs other factors like improving supply chains