Following the U.S. Labor Department’s latest Consumer Price Index (CPI) report, a new analysis from government watchdog Accountable.US found many of the largest general consumer S&P 500 companies have admitted to benefiting from increased prices as their net profits increased year-over-year and they rewarded shareholders with billions in new shareholder handouts. The data is more evidence that while inflation is slowing, the Fed’s strategy of repeated interest rate hikes has been unable to contain a key driver of excessive consumer prices — corporate greed. On Wednesday, Federal Reserve Chair Jerome Powell is expected to announce whether or not to raise interest rates an 11th time since March 2022 as a chorus of economists, union leaders, and political figures have warned further increases could cost millions of Americans their jobs.

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