For most Americans, the surging cost of living is weighing heavily on their wallets.
“Wage growth has failed to match the dizzying pace of rising prices, which the Federal Reserve has effectively identified as ‘monetary policy enemy No. 1,'” said Mark Hamrick, senior economic analyst at Bankrate.com.
After the Fed raised interest rates for the first time in more than three years, Chairman Jerome Powell vowed tough action on inflation, which he said jeopardizes an otherwise strong economic recovery.
Now the expectation is that the central bank may raise rates…