As the Federal Reserve intensifies its efforts to tame high inflation, its top officials are casting their aggressive drive in a new light: As a blow against economic inequality.
That thinking marks a sharp reversal from the conventional view of the Fed's use of interest rates. Normally, the steep rate hikes the Fed is planning for the coming months would be seen as a particular threat to disadvantaged and lower-income households. These groups are most likely to suffer if rate hikes weaken an economy, cause unemployment to rise and sometimes trigger a recession.
