Photo: A shopper reaches for cottage cheese inside a grocery store in San Francisco on May 2, 2022. A shopper reaches for cottage cheese inside a grocery store in San Francisco on May 2, 2022.

Inflation is spreading deeper into the U.S. economy, slamming the door on hopes that the Federal Reserve will dial back interest-rate hikes that threaten to tip the country—and perhaps the world—into recession.

Core inflation, excluding food and energy, jumped to a 40-year high of 6.6 percent in September from a year ago, outpacing forecasts and triggering a slide in U.S. bond markets as investors bet that the Fed will be forced into two more 75 basis point (bps) increases this year.

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