Fertilizer prices just hit a record high sparking fears of global starvation and the worst food insecurity level since World War II

Reuters

Fed will raise rates more aggressively if needed, Powell says

(Reuters) -Federal Reserve Chair Jerome Powell on Monday delivered his most muscular message to date on his battle with too-high inflation, saying the central bank must move “expeditiously” to raise rates and possibly “more aggressively” to keep an upward price spiral from getting entrenched. In remarks that sent financial markets scrambling to recalibrate for a higher probability of the Fed lifting interest rates by a half-percentage point at one or more of its remaining meetings this year, Powell signaled an urgency to the central bank’s inflation challenge that was less visible than just a week ago, when the Fed delivered its first rate hike in three years. “The labor market is very strong, and inflation is much too high,” Powell told a National Association for Business Economics conference.