US Federal Reserve looking at inflation ‘three times’ higher than initial targets

The Australian’s Washington Correspondent Adam Creighton says the US Federal Reserve is looking at inflation “three times” more than what their target is.

“The US Federal Reserve is looking here at inflation of 6.4 per cent – more than three times what their target is,” Mr Creighton told Sky News host Sharri Markson.

“If the rate of inflation does not keep falling, then they’re probably going to keep lifting and at some point that almost has to cause a recession.”