By Judy Woodruff

Federal Reserve officials announced they are prepared to fight inflation with a series of interest rate hikes next year, suggesting it will begin earlier than they projected just months ago.
The Fed’s benchmark rate, which affects borrowing, lending and economic growth, has been near zero since the start of the pandemic, in an effort to boost the recovery.
But, today, Fed Chair Jay Powell said there could be as many as three rate hikes next year, starting next spring, in an effort to cool persistent rising prices.