Inflation keeps hitting new highs, would the US economy go into recession soon?

Honestly, before the United States, Consumer Price Index (CPI) data drop I was watching the CNBC news anticipating what the outcome of the CPI will be if the inflation rate was going to skyrocket too much, although I knew it was going to be a blood bath because economist and everyone were expecting it jump from 8.6% to 8.8%, so while I was watching the CNBC news before the CPI dropped the present was like in a few minutes or second from now the long awaited news will drop, in my mind, I was like buckle up guys and hold your hearts as my eyes were glued to the prices of NASDAQ, it was above +120 and as soon as the CPI data news was announced the price dropped drastically to -4 before I could close my eyes and opened it, It was above -120, I was f*ck things are about to get really ugly, so I quickly went to check the crypto market and I saw that it had a little effect on it too, in fact, the news affected all investments including Amazon and Apple stocks as their prices also dropped.

CPI data, Price increases YoY:

Fuel Oil: +98.5%
Gasoline: +59.9%
Gas Utilities: +38.4%
Electricity: +13.7%
Food at home: +12.2%
New Cars: +11.4%
Overall CPI: +9.1%
Transportation: +8.8%
Food away from home: 7.7%
Used Cars: +7.1%
Shelter: +5.6%
Apparel: +5.2%
Overall CPI: +9.1

I forgot to even add that momentarily after the CPI announcement EUR/USD fell below $1, which looked like a stablecoin de-pegging since the high rise of inflation has turned Euro into a stablecoin 😄, as it is now valued at $1. that been said, the United States CPI went up despite the quantitative tightening that the Federal Reserve System (Fed) is doing. I think the Fed has to be more aggressive to tackle this inflation before it gets out of hand to about 11%, what am I even saying 9.1% is a lot because if the inflation rate keeps going up there is a risk of the economy going into recession. and if the Fed doesn't find how to tackle it properly and the inflation continues like this at this phase, the CPI will definitely be over 10% to 11% by the end of the year.

I hope that doesn't happen though because the cost of living and price of goods and services is already high and won't be funny at all. A news report stated that the high rate of inflation is not just about the ongoing war between Russia and Ukraine but that excessive money was printed during COVID-19.

THANKS GUYS FOR READING MY POST.

PLEASE FOLLOW ME ON:
Discord: onwugbenuvictor#3447
Twitter: @VictorOnwugbenu

Posted Using LeoFinance ^Beta