The federal reserve just lowered its growth forecast and raised its inflation expectations for 2022. Finally, the central bank also sees the potential for seven rate hikes this year.

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Inflation in 2021 was the highest in four decades: 7 percent according to the Consumer Price Index or 5.8 percent according to the Personal Consumption Expenditures index. As the new year dawned, economists hoped and expected that we'd be able to get inflation back under control in 2022.

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