forceful and rapid steps to moderate demand so that it comes into better alignment with

supply. Our overarching focus is using our tools to bring inflation back down to our

2% goal and to keep one return inflation expectations well anchored. Reducing inflation is likely

to require a sustained period of below trend growth and it will very likely be some softening

of labor market conditions. Restoring price stability is essential to set the stage

for achieving maximum employment and stable prices over the longer run. We will keep

at it until we're confident the job is done. Small business owner Anika Hobbs is already

feeling it. Where will you have to make cutbacks? Yeah, I mean some of the cutbacks that I've

been thinking about is staff hours. Payroll is always one of those things that you can

can manage but then that also is a huge pinch on me. With the central bank raising interest

rates for the fifth time in a row when you ring these in and you type in that final.

The owner of boutique, newbie and human has to press pause on her expansion plans because

we're paying more into debt rather than being able to take that money and put it into

hiring more people or expanding into a new store. The Fed's move is an effort to curb consumer

demand and in turn cool inflation with prices 8.3% higher in August than they were a year

ago. But Powell's challenge is the balancing act of bringing prices down without triggering

a recession. The Fed anticipating that unemployment will rise from current levels of 3.7% to 4.4%

at the end of next year. This is not pocket change. This is real money that any borrowers

going to have to pay higher bills. You've seen this by now, right? These are these big

rate hikes we've been talking about. But it's going to be math for every family that

is borrowing money. Let's do the math, John. On a mortgage. The first quarter a typical

home price, 440,300 in the U.S. Last year that mortgage rate on a 30 year fixed if you

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