Federal Reserve raises interest rates to help combat inflation

　　The Federal Reserve System is the central banking system of the United States of America. It was created on December 23, 1913, with the enactment of the Federal Reserve Act, after a series of financial panics led to the desire for central control of the monetary system in order to alleviate financial crises.

　　The Fed manages inflation, regulates the national banking system, stabilizes financial markets, protects consumers, and more. In its effort to address the current inflation crisis or situations, The Board announced plans to raise interest rates a quarter-point in the first hike since 2018. New York Times Dealbook editor Stephen Gandel and Kroll Institute global chief economist Megan Greene join CBS News' Lana Zak and Enrique Acevedo with their insights on the breaking news.

　　It is obvious to observe that High inflation isnt going away. In fact, prices are going up at their fastest rate. Controlling inflation is one of the main tasks of the Federal Reserve. The February CPI inflation data serves as yet another reminder that the Fed has more than enough reasons to start raising interest rates and tightening monetary policy

　　“I think the Fed will raise rates three to four times this year,” said Larry Adam, chief investment officer at Raymond James. “By the end of the year, inflation growth could be on a clear downward path and so the five-to-seven hikes that people are talking about wouldnt be needed.”