The Federal Reserve is under pressure to abandon its monetary policy guidance for the second month in a row in the face of soaring inflation, as market participants increasingly bet the US central bank will raise interest rates by a full percentage point at the end of the month.
Consumer prices across most goods and services rose again in June at a speed that pushed the annual increase to 9.1 per cent, the biggest jump since November 1981.
The advance surpassed even the most aggressive forecast by economists and was yet another unwelcome development for a central bank that has emphasised its “unconditional” commitment to tackling high prices — even at the expense of the economic recovery.
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