Corporate greed increasingly seen as ‘major cause’ of inflation: Poll – Hill

“The Fed hiked interest rates from near zero in March 2022 to a range of 5.25 percent to 5.5 percent in July 2023, hiking borrowing costs to suppress demand and, the theory goes, inflation. Higher interest rates have eroded savings that were once flush with pandemic-era stimulus, and delinquencies on credit cards, mortgages and car loans have slowly ticked up.

“In contrast, companies have been posting large profits even amid rampant inflation. Corporate profits peaked during the third quarter of 2022, when inflation was at its worst, according to data from the St. Louis Federal Reserve, which also shows profits remain above pre-pandemic levels.”

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