CHARLOTTE, N.C. — President Joe Biden is pitching new steps to fight 40-year high inflation and lower consumer prices.
The president proposed lowering childcare costs, funding new home construction and passing clean energy tax credits.
With a new inflation report due out today, many people are going to be wondering how it will impact their bank accounts.
Inflation hit a decade-high record of 8.5% in March, which means you're likely paying more for everyday goods like groceries. But new inflation figures could impact more than what you are spending at the grocery store.
It also means your money isn't as valuable today, as it was this time last year. The important question is whether America’s inflation rate is topping out or plowing forward.
The Federal Reserve is aggressively raising interest rates to counteract inflation, leading to the highest mortgage rates since the height of the pandemic.
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The Reserve’s actions have also thrown stocks into correction territory, tech giants lost more than a trillion dollars in value from Thursday to Monday.
Inflation could fall for the rest of the year, and some economists are predicting it will be around 4% by the end of the year. If that happens, your money will go much further, without you having to do anything.
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