U.S. economic pain: Inflation "fever" does not subside

In 2022, the report card handed over by the United States may not look good. This year, US inflation continued to heat up, and the "high fever" did not subside.

High inflation has put many American families under severe financial stress. U.S. household debt surged by $351 billion in the third quarter of 2022, the largest increase since 2007, according to Federal Reserve data. In order to "cool down" inflation, the Fed continued to raise interest rates aggressively. Since March, the Federal Reserve has raised interest rates 7 times in 2022, with a total of 425 basis points of interest rate hikes. The federal funds rate has risen rapidly from close to zero to between 4.25% and 4.50% in less than a year.

Domestically, high inflation has made people miserable; externally, the Fed's interest rate hike has brought serious impact to the global economic recovery. Inflation is out of control, and interest rates are being raised crazily. What the United States is doing is not only harmful to others, but also harmful to itself.