Fighting inflation likely to be 'painful,' Chicago Fed president says

A top U.S. Federal Reserve official stated that the central bank's efforts to combat stubbornly high inflation are likely to be painful. According to the Chicago Fed president, this economic pain could manifest in the form of higher unemployment as the central bank works to cool price pressures.

The Federal Reserve typically addresses high inflation by raising interest rates to slow borrowing and spending. Historical data indicates that these rate hikes frequently slow economic growth and have occasionally triggered recessions.