Treasury secretary suggests Biden plans may require interest rate hikes, spooking investors

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The first quarter report on economic growth, released by the Bureau of Economic Analysis last week, said that prices grew at a 3.5 percent annualized rate in the first quarter and are up 1.7 percent from a year earlier. For now, inflation has primarily spiked only in specific sectors, such as the housing and lumber markets, as suppliers struggle to catch up with a surge in consumer demand. The most commonly measured metric for aggregate inflation has remained in check, at least up to this point.