That growth suggested that a quarter point target rate increase in December or January would have been prudent, and that by delaying action further the Fed risked letting both actual and expected inflation worsen. Yet, the Fed waited till March to tighten.

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Friday’s inflation report leaves the Federal Reserve promising to do whatever it takes to curb inflation. Wednesday’s rate hike – three-quarters of a point – is the steepest since 1994, increasing the likelihood of recession, say analysts.

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Stocks tumbled, with the S 500 falling further into bear market territory, as investors focused on the threat that inflation and higher interest rates pose to the economy.

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The increase marks an escalation of the central bank's effort to cool the highest inflation since 1981.

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The Dow Jones Industrial average tumbled below the key 30,000 level on Thursday as investors worried the Federal Reserve’s more aggressive approach toward

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