With Inflation Soaring, The Fed Weighs Another Interest Rate Hike

Food, gas, rent — prices are climbing across the board. As inflation hit a 40-year high last month, millions of Americans are adjusting their spending and looking for ways to stretch their budgets.

The Federal Reserve is taking action, too. Policy makers are meeting this week to consider whether and how much to raise interest rates in an effort to curb inflation.

We talk to NPR's chief economics correspondent Scott Horsley and business correspondent David Gura.

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