For the first time, AAA says the national average for a gallon of regular gas is at $5.01 in the U.S., and top economists are warning America’s inflation crisis is about to get worse before it gets better.
The Federal Reserve is expected to raise key interest rates by a half-point Wednesday, trying to cool inflation without tipping the economy into a recession.
A leading economist told CBS’ Face the Nation most of the current inflation ‘could have been avoided’ if Fed acted earlier.
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Mohamed El-Erian, chief economic advisor at Allianz, said, “I think you’ve got to be very modest about what we know about this inflation process. And I fear that it’s still going to get worse. We may well get to 9 percent at this rate.”
Some analysts expect interest rates could rise by…