"The U.S. consumer now appears to be single-handedly keeping the global economy afloat," economist said
The rate was the sharpest spike in 40 years
The reading was the largest year-over-year rise since 1982
Powell also elevated inflation-fighting as a more urgent priority than supporting job growth
The inflation spike is affecting consumers, the Biden administration and central banks
America's employers added a solid 531,000 jobs in October, the most since July of this year
Economic recovery from the pandemic is restrained in both economies, even with U.S. consumer spending rising healthily
The Fed chair signalled no imminent change to ultra-low interest rates
The increase has heightened concerns that the Fed might introduce rate hikes earlier than expected
The number of available jobs at the end of May rose to 9.21 million