Inflation has been running high for several months since this summer, and it might not be as "transitory" as policymakers initially thought. Federal Reserve Board Chair Jerome Powell had a noticeable change of tune earlier this month, and former Chair and current Secretary of the Treasury Janet Yellen said it's time to stop characterizing inflation as temporary.
Inflation can have a massive impact on your personal finances. When your dollar doesn't go as far this month as it did the month before, your budget can start to feel the crunch.
But if you're a borrower at a fixed rate in a high-inflation environment, you can actually come out ahead.
Adam Levy | USA Today