LAST year, the Federal Reserve got its predictions wrong about inflation. The mantra of that time was that inflation would be temporary. As it turns out, inflation in the United States keeps climbing until the Fed has to hastily raise interest rates to suppress it. On Wednesday, June 15, the Fed rates went up by 0.75 percent, the largest rate hike since 1994. This is out of the initial plan, which slated a 0.5 percent increase. 

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