The Fed has to crush consumer demand with much higher rates if it wants to get inflation under control, Bank of America says

The Fed has to crush consumer demand with much higher rates if it wants to get inflation under control, Bank of America says

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Americans' strong spending is keeping inflation elevated and sticky, which makes the Fed's job harder. • The Fed will have to employ more interest rate hikes to crush demand and tame inflation, Bank of America said Monday. • For the Fed to reach its 2% inflation target, consumer demand will have…

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