Federal Reserve Governor Lael Brainard said that the central bank can raise interest rates more aggressively to dampen the high rate of inflation felt by American

“Currently, inflation is much too high and is subject to upside risks,” Brainard said at a conference Tuesday 

“The Committee is prepared to take stronger action if indicators of inflation and inflation expectations indicate that such action is warranted.”

Inflation data released last week showed prices in the United States rising by 6.4% on a year-over-year basis in February, the fastest pace observed since 1982

The Federal Reserve's fight against inflation will spark a recession in the United States that begins late next year, Deutsche Bank warned on Tuesday 

We no longer see the Fed achieving a soft landing. Instead, we anticipate that a more aggressive tightening of monetary policy will push the economy into a recession," Deutsche Bank economists led by Matthew Luzzetti wrote in the report

Fed Governor Lael Brainard said Tuesday the Fed will need to "rapidly" shrink its balance sheet and "methodically" raise interest rates to cool off inflation. "It is of paramount importance to get inflation down

The good news is Deutsche Bank is not forecasting a deep and painful recession like the past two downturn

Rather, the bank expects a "mild recession," with unemployment peaking above 5% in 2024

Moody's Analytics chief economist Mark Zandi told CNN late last month. "Recession risks are uncomfortably high -- and moving higher,"