US inflation at highest level in 4 decades

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The U.S. is teetering on the brink of a possible recession.

Inflation is at its highest level in four decades, gas prices are soaring, and the stock market is plummeting.

“Virtually every sector has higher-than-normal inflation,” said Ethan Harris, head of global economic research at Bank of America. “It’s made its way into every nook and cranny of the economy. That’s the thing that makes it concerning because it means it’s likely to persist.”

As Jennifer Johnson reports, while president Joe Biden says a recession won’t happen, many Americans aren’t so sure.