Recession odds up on fear of too big, too fast Fed interest rate hikes

• The Fed is on an aggressive path to halt 40-year high inflation.
• Faster, bigger interest rate hikes are raising the odds for a recession, some say.
• Consumers could see interest rates on debt rise, layoffs, and more stock market losses.

The Federal Reserve promises to do “whatever it takes” in its fight against soaring inflation.

That may even include allowing the economy to fall into a recession, which is when the U.S. gross domestic product declines for at least two consecutive quarters.

“It’s certainly a possibility,” Federal Reserve Chairman Jerome Powell said Wednesday.