Federal Reserve Chair Jerome Powell sounded a warning to Americans last month as the central bank continues its efforts to combat high prices: The fight against inflation is going to be painful. "Higher interest rates, slower growth and softer labor market conditions will bring down inflation. They will also bring some pain to households and businesses," Powell said last month. The Fed has hiked interest rates four times this year already in an effort to stanch price increases. When the Fed raises interest rates, money becomes more expensive to borrow, harder to get, and more worthwhile to save. The goal is to bring down the amount of money consumers and businesses are willi
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