The nation’s punishing inflation rate likely kept simmering in October, giving the Federal Reserve little cause to ease up in its drive to slow price increases by steadily raising interest rates.
WASHINGTON—
So far this year, the Fed has raised its benchmark interest rate six times in sizable increments, heightening the risk that prohibitively high borrowing rates—for mortgages, auto purchases and other high-cost expenses—will tip the world’s largest economy into recession. Except for automakers, which are still struggling to acquire the computer chips they need, supply chain disruptions have largely unsnarled. Shipping costs have dropped back to pre-pandemic levels. The backup of cargo ships off the port of Los Angeles and Long Beach has been cleared.
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