(Sharon McCutcheon / Unsplash)

The inflation rate reached 8.6% last month, the highest level in 40 years. Food and energy prices, in particular, have skyrocketed forcing the government to take action. The Federal Reserve is raising interest rates to bring down demand and this week President Joe Biden called on Congress to pause federal gas taxes for three months.

The Eccles Building in Washington D.C. serves as the headquarters of the Federal Reserve. (AgnosticPreachersKid / Wikimedia Commons)

While the U.S. economy continues its record-breaking expansion, some wonder whether the Fed reacted to softening global markets or perhaps even pressure from President Donald Trump.

By almost every measure, the U.S. economy is on a bullet train to prosperity. But are there warning signs among the surging data?

(Ken Teegardin / Flickr)

Congress makes another attempt at passing a balanced budget amendment as a new report shows the federal deficit skyrocketing.