You Vote: Should the Fed risk a recession to fight inflation?

The Federal Reserve is expected to raise interest rates on Wednesday by half a percentage point in order to combat soaring inflation, which is at its highest level in four decades.

The increase would be the largest single rate hike since 2000 and the second of several hikes forecast for this year. In March, the Fed raised interest rates for the first time in more than three years.

Before then, the Fed had kept interest rates near zero, largely as a response to the economic fallout of the COVID-19 pandemic. According to experts, near-zero rates combined with massive government stimulus spending overheated the economy, causing inflation to skyrocket over the past several months.

Historically high prices have devastated consumers and the U.S. economy, leading to an economic contraction last quarter.

In order to combat inflation, the Fed is now moving to raise interest rates. However, there's concern that raising rates too aggressively will put the U.S. in a recession by causing a steep decline in gross domestic product.

Economists recently told Just the News that risking a recession is necessary to fight inflation and will be better in the long run. However, many observers are worried about the prospect of a major downturn in economic growth.

What do you think? Here's your chance to weigh in: