Inflation rates in the United States had gone over 7.5% during the last 30 days, and that was the fastest rise in inflation over the previous 40 years.
Unfortunately, now that Russia has attacked Ukraine, inflation may continue to snowball, and the Federal Reserve might not have sufficient tools to control inflation without risking recession.
Oil is continuing to march higher beyond $110 a barrel. Russia is one of the largest oil producers globally and ships more than any nation other than Saudi Arabia.