Fed Declares War on Inflation, Which Could Lead Straight to Recession

The Federal Reserve is poised to deploy another supersized interest rate hike to fight the sharpest price surge in 40 years, a move that has drawn remarkably little political pushback despite rising market anxiety just weeks before an election. That could change, with more and more voices from Washington to Wall Street warning that the central bank might end up doing serious damage to the economy.

RELATED: BREAKING: Fed issues third 75-basis-point hike; warns recession may be coming

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