The Latest Breaking News from Michael Gapen

Another hot consumer price index (CPI) reading for September means the Federal Reserve will continue to aggressively tighten monetary policy for the time being.

Only a minority of economists correctly predicted that the U.S. economy would contract last quarter. The number who expect it to keep shrinking in the current period is even smaller.

U.S. Federal Reserve raises rates for fourth time in 2022, this time by another three-quarters of a percentage point to battle inflation. It's at a size and pace we haven't seen since the 1980s.

The U.S. Federal Reserve raised its target Fed funds rate by 0.75% in June, its first interest rate hike of that size since 1994. With this month's Federal Open Market Committee meeting just around the corner, investors are still debating whether the Fed will opt for another 0.75% rate hike…