![Fed looks to hike interest rates half a point as inflation soars](https://cbsnews1.cbsistatic.com/hub/i/r/2021/11/23/4b6e4de4-1e32-4f12-a89d-15026b686bf7/thumbnail/1200x630/5f7c6e9398b465c11dad637c88cc2c77/cbsn-fusion-biden-nominates-jerome-powell-to-second-term-as-federal-reserve-chair-thumbnail-841479-640x360.jpg)
Fed looks to hike interest rates half a point as inflation soars
CBSN
The Central Bank may increase the federal funds rate by .5% at the meeting in May as inflation soars, Federal Reserve Chairman Jerome Powell signaled Thursday. The Fed raised its rate by .25% in March, a move that some economists have criticized as not aggressive enough as inflation hit 8.5% last month – the fastest annual increase in 40 years.
"I would say that 50 basis points will be on the table for the May meeting," Powell said Thursday during an International Monetary Fund discussion on the global economy outlook as finance officials met this week in Washington.
Powell said that the decision is made meeting by meeting. The next meeting takes place May 3-4.
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Nothing says a warm day quite like the beach, but beyond the shore lies a number of dangers, from rip currents and strong waves to shark attacks and bobbing jellyfish. Onshore, however, you will likely find a flag warning you of potential dangers, and whether it's purple, yellow, red or blue can tell you which hazard could be lurking in the waters.
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A woman died while hiking in western Colorado on Monday as a heat dome blanketed pockets of the American West and drove up temperatures in a number of states. Marsha Cook, from Cedar Rapids, Iowa, was pronounced dead after collapsing around the two-mile mark of a hiking trail at Colorado National Monument, officials said Wednesday. She was 54.
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Embattled aircraft giant Boeing Wednesday argued to the Justice Department that the company has upheld its end of a 2021 deferred prosecution agreement, and pushed back at federal prosecutors who wrote last month that the plane manufacturer has violated the deal and risked being prosecuted, two people familiar with the discussions confirmed to CBS News.