The Federal Reserve is expected to approve its largest interest rate hike in more than two decades this week. Additional rate increases are likely, as the Fed tries to regain control over inflation.
Federal Reserve Chair Jerome Powell collects his notebooks as he testifies before the Senate Banking Committee on March 3. The Fed is widely expected to raise interest rates by half a percentage point at its meeting this week.
It's a clear sign of the urgency with which the Fed is approaching inflation, as prices continue to climb at the fastest pace in 40 years. Prices for groceries have surged as inflation has hit its highest level in four decades. Here, prices are displayed at a supermarket in Rosemead, Calif., on April 21. Experts say interest rates may have to climb significantly to reduce demand after the Fed kept borrowing costs at rock-bottom levels through much of the coronavirus pandemic.
Airline passengers prepare to enter a security checkpoint at San Francisco International Airport on April 19.
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